Preparing for the Close of Escrow

24 Oct Preparing for the Close of Escrow

The last few days before closing escrow can be a stressful time for homebuyers and sellers.  However, there are a few things you can do to ensure a timely and smooth close. 

1. It’s important to review your final closing statement or HUD-1 statement a day or two before closing.  Look over the calculations to make sure that the buyer is receiving credit for all deposits and any other credits due from the seller.
2. Review all escrow and title fees to make sure they accurately reflect what you were told and that you agree to them.
3. Look over the preliminary report to confirm the legal description of the property and any liens or other items that may have been discovered.  Make sure all items that you did not agree to will be removed at the close of escrow.
4. Be sure escrow or title has your correct vesting (the way in which you want to take title).
5. Inspect the property one last time prior to closing to verify that everything is the way you expect it to be, and that all agreed upon repairs or work have been taken care of.

It is also very important that all conditions of the purchase contract are met prior to closing, and that all instructions that were given to the closing agent have been completed.  If you have double checked that all items are correct, it’s time to sign the closing documents!