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 !!!!
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