STEP 07: contract to close
“unified transaction coordination”
TOP TO BOTTOM Transaction Management
Centralized Transaction Coordination:
Using a unified platform, we ensure that all aspects of the underwriting and transaction process are synchronized, facilitating clear communication and efficient progress toward closing. Your lender will likely provide a checklist or portal that outlines each step of the loan status and transaction stages specific to your case. This coordination is crucial for keeping all parties accountable throughout the process.
Appraisal Coordination:
In the initial two weeks of underwriting, we collaborate with the appraiser, supplying them with recent comparables and data on nearby properties and school districts. This strategy minimizes appraisal discrepancies. We anticipate potential valuation challenges and preemptively address them through discussions on credits or negotiation with the seller, to ensure a smooth loan process without delays.
Municipals & Title Search:
Following a signed contract, your attorney will order title and municipal checks. After appraisal confirmation, we address any ownership or municipal issues. Though we check municipal records initially, hidden issues may arise. If necessary, a new survey may be required, costing $1,200-$2,500. Your attorney will guide you for a clean title transfer and address any violations.
Cleared to Close - Closing Preparation
Cleared to Close:
At this stage, you're almost a homeowner (minus the closing)! Clearance to close means your lender has approved and verified all loan items. Attorneys will coordinate a suitable date. While there are still tasks for all parties, it's time to consider booking the moving company!
Utility Transfer & Vendor Roles
Before closing, we'll gather info on current vendors and utilities from the listing side. We'll provide contacts for electricity, water, gas, and internet services. You'll need to transfer them into your name before closing, but don't worry—we'll give you a list about a week prior to help you prepare.
Financial Preparation & Closing Funds:
Before the closing day, you'll need to gather several checks. Avoid last-minute rushes by preparing these certified checks a day or two prior. Your attorney will provide a breakdown of your costs, including the down payment and closing fees. Ensure you have the total amount ready, which can be transferred via certified check or wire transfer, as per the closing agency's requirements.
Closing Day - Let’s celebrate!
Walk Through & Property Readiness:
On closing day, we conduct a detailed walk-through inspection to ensure the home meets your standards and all negotiated repairs are completed. We meticulously plan the logistics for a hassle-free conclusion to your homeownership journey, ensuring a celebratory and clear transition.
Review in Real Time:
Prioritize a thorough review of all crucial closing documents, including the closing disclosure, with your attorney. This gives you your loan terms, monthly payments, and closing costs. We oversee the assembly and verification of all necessary documents, ensuring compliance with legal standards. This guarantees that every document you sign accurately reflects the agreed terms.
Gather Docs & Prep for Signing:
Remember to bring all necessary items to the closing: a valid photo ID, required funds via certified checks, and any documents requested by your attorney or closing agent. With numerous legal documents to sign, it's crucial to understand each one and its relevance. Our dedicated team offers expert support, addressing any last-minute queries or concerns in real time. This ensures you're confident and informed at every step.