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Closing Your Sale the Easy Way

Even though every transaction has unique challenges, there are ways you and your agent can make the process as smooth and stress-free as possible to get you to an easy closing.

Eliminating Surprise Costs and Issues
Throughout the escrow process, sellers will provide both reports and disclosures to a buyer that are either required by law or used to ensure a safer transaction. The 3 reports that a seller will typically provide are:

1. Natural Hazard Disclosure – Consists of a series of maps showing if the property is in a special hazard zone such as an earthquake zone, a flood zone, or a high fire severity zone.
2. Preliminary Title Report – Shows any issues affecting the title of the property. This will show shared spaces (like a shared driveway), utility access, and most importantly the report will show current loans, mechanic’s liens, or judgments against the property.
3. Termite Report – A detailed report showing evidence of termite infestation. This will also show required repairs to damaged areas if there are any.

Many agents will order these reports once an offer is received or accepted but I always advise clients to complete the disclosures and to order these reports right when the property is listed, before there’s even an offer. This means that before you even begin negotiations on an offer you are aware of any issues with the title of the property and have calculated the cost of the termite work. It’s not uncommon to discover a lien that was not cleared correctly or an unexpected issue on the title of the property. Most of the time, these issues are easy to address but they require time to do so, making it essential to know as soon as possible to avoid delaying the sale. Another benefit is that you can provide these reports to the buyer the day they accept and possibly shorten some of the contingency periods. Plus, all the reports are free, even if you don’t close.

Knowing the Areas of Possible Delay
The two most common sources of delay in a real estate transaction are the loan approval process and obtaining the HOA documents for a condominium complex, townhouse complex, or a planned community. One of the most important duties for an agent is to keep the transaction progressing, especially in these two areas of delay.

Overestimate the Time Needed to Move and Clean the Property
A common issue that occurs before closing is that physically moving takes longer than expected and the owner needs additional time to move and clear the house. When that happens, it becomes messy because now the buyer is paying the mortgage and may request to be reimbursed, he may have already given notice to his landlord, or he may have to reschedule the moving vans, or even furniture and appliance delivery.

My best suggestion is to hire professional movers and to overestimate the time required to move, especially if you’ve lived in the home for a long time. My clients who sell always tell me how much stuff they didn’t know they had. Also, homeowners have a duty to leave the property clean and free from debris, so also make some time to take care of that as well. The last thing you want to do is to have to go back to haul away debris during your move to your new home. The smoothest moves have always happened slowly, with the owners starting from the offer acceptance date with throwing away or donating unneeded items until the contingency removal date when the real packing begins.

Lastly, before you leave your former home, forward your mail, stop all utilities, say goodbye to your neighbors, and if you had a good experience with your Realtor, don’t forget to recommend him to anyone you know, he’ll appreciate it.

Happy Moving!

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