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Want Your Closing To Go Smoother????

By
Title Insurance with Frontier Title Group, LLC FL DFS License #E015761

                                                                                                                                                                                           

Speaking with great affection to the Real Estate Professionals out there ~ from the Settlement Perspective: 

If you want your closing to go as smoothly as possible for everyone...make sure to provide as much information as possible on the Purchase and Sale Contract!!  Here are some helpful reminders:

1.  If your contract is handwritten, write clearly...better yet, print.  (Generations of faxing degrade the quality of the type enough...do your part to make sure the title company can read the names of all parties, including the realtor name and real estate company name.)

2.  Include marital status(es) with the Seller's and Buyer's name(s).  (In Florida, spouses need to sign the deed/ mortgage even if they aren't in title by name....Homestead Laws)- more information the title company needs!

3.  Be sure to fill in the effective date of your contract!  Many aspects of the transaction are dependent on and triggered by that date! The title company may need that date!

4.  If you need to add terms or conditions, ask another realtor, your title company, or an attorney to review before getting it signed by the parties (if possible).  Two sets of eyes are always better than one.  For example, "The closing of the buyer's house located at 123 Main Street"  is totally different from "The closing and funding of the buyer's house located at 123 Main Street".  Or, "Seller agrees to credit the buyer up to 6% of the sales price for buyer's closing costs" is totally different than "Seller agrees to credit the buyer up to 6% of the sales price for buyer's closing costs and prepaid items"

5.  Fill in the Parcel ID Number.  It helps verify that the correct property is searched and the bank package comes in with the correct address. 

These few things will help get the closing process off on the right foot and will help avoid many of the more common issues/delays/complaints that can come up. 

Okay, now go out there and Sell, Sell, Sell !!!!

Comments (8)

Bruce Bourgault, Vice President, Mpro
Central Pacific Homeloans - Honolulu, HI
Hi Laurie -- I gave your post a 5!  Please who ever monitors this site, make this a featured blog.  As a loan office all I can say is Amen Laurie espically item 4.  That is why, when ever I get a contract I email all parties and say thi sis how I am reading it do you all agree.  It is so unprofessional to get to closing and have some one say "well that's not what I meant"  Thanks for a great post.  Aloha
Jul 26, 2007 11:08 AM
Laurie Planamento
Frontier Title Group, LLC - Plantation, FL
Your Florida Title Partner
Wow, thanks Bruce!  I have been doing this a while now, and it is always so much more professional (and enjoyable for all) when things are done right the first time!  Everything works like clockwork!  Thanks again for the kind words.
Jul 26, 2007 11:12 AM
Joe Manausa - Tallahassee, FL
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
And don't forget to add the simple things like full property address (including zip code) as everyone who processes the contract needs that information. If it is not there, they might need more time to dig it up or even have to call you for it (wasting your time).
Jul 31, 2007 11:00 PM
Laurie Planamento
Frontier Title Group, LLC - Plantation, FL
Your Florida Title Partner
Joe - excellent addition -thanks!  (Please excuse the delay in answering you). What is the saying, "It's all in the details"?  Thanks for stopping by.
Sep 08, 2007 02:13 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor
the title company can indeed make all the difference!!!
Sep 08, 2007 01:33 PM
Stacy Jones
West Little Rock Title Company - Little Rock, AR

Good points. These things do make a difference. Handwriting, handwriting, handwriting. ha.

Aug 11, 2008 07:15 AM
Anonymous
Anonymous

Isn't it true?  It always comes down to the basics!  Thanks for stopping by Stacy!

Aug 12, 2008 03:41 PM
#7
AMY SHRADER
Hurst Real Estate & Auction - Morristown, TN

When I order a title search on a purchase, I always try to provide the title company with AS MUCH INFORMATION AS POSSIBLE.  There is nothing worse than surprises at closing!

Aug 13, 2008 12:45 PM