1. Obtain a Title Report:
This is an important step in the closing process as it will show who owns and has legal claim to the property being purchased.
2. Secure Financing:
Before closing on a property, it's essential to verify that all financing has been secured by either the buyer or seller.
3. Prepare Documents:
All necessary documents related to the purchase, sale, or lease of the property must be prepared and signed by all parties involved before closing.
4. Appraise Property:
An appraisal of the property being sold is required before closing in order to ensure that both buyer and seller are entering into a fair transaction for all parties involved.
5. Perform Final Walk-Throughs:
It’s important to perform a final walk-through of the property before closing in order to ensure that all agreed-upon items have been taken care of and that the condition of the property is what was expected.
6. Finalize Closing:
After all, documents are signed, funds exchanged, and terms met, the closing process can be finalized.
7. Follow Up:
Once the transaction has been completed, it is important to follow up with all parties involved to make sure everything went according to plan and there were no unexpected issues during closing.