I highly agree with the transaction tips below but my biggest concern is not so much a lack of communication as it is a lack of urgency. The dates on your contract are what make it a contract, and they probably more important than the hundreds for words surrounding them. ~Bill
By Deborah Kearns
If consumers were more aware of the detail that goes into a real estate sales transaction, it could be a time saver. The communication and necessity to keep information current is a major undertaking. In the hustle and bustle of a big move, buyers and sellers might not always remember to communicate with their agent. Here are some common reminders to prevent a closing mishap:
Contract addendum
One of the most important pieces of paperwork you’ll need is the contract addendum. If the buyers and sellers have agreed to changes in the contract that deviate from the initial offer that was agreed upon, as a real estate agent, you should provide a signed addendum each time a change to the original or subsequent terms are made.
Party additions/removals
It’s critical that you have the correct legal names of all parties involved in a real estate transaction. This information will be needed for the title search. Accurate names to the transaction are necessary for documents to be properly recorded after closing.
Closing date
Sometimes the closing date can be a moving target. Needed repairs or scheduling conflicts may require a change to the closing date. A contract addendum should be required or a written request agreed upon by all parties.
Lender Changes
Communicate to your clients that if they decide to go with a different lender or change mortgage terms during the application process, a closing date may be delayed. Closing within the new TRID environment has very specific timeframe requirements which must be met.
Repairs
If a property inspection requires repairs to the property, communication with the lender will be necessary to determine what is acceptable for closing (i.e., completion of repairs, escrow held, buyer/seller, and credit/debit at settlement).
Deborah Kearns is an award-winning writer based in Denver with more than a decade of experience in corporate communications and news journalism. She has covered the real estate industry for more than seven years.
Reprinted with permission from RISMedia. ©2016. All rights reserved.
Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:
Who Pays for What?
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