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Title Services Checklist 2024: 17 Essential Steps For A Successful Closing

January 19, 2024

Leading your customers through their sale or purchase and ensuring that you and your clients are prepared for closing is a process that real estate agents go through, whether they are handling ten transactions at once or just one. 

Additionally, you must have everything organized because your consumers want a seamless and joyous day.

To assist you in avoiding issues and mistakes, we've compiled a list of some of the most important considerations to make as you near the completion of your transactions and throughout the process.

  1. Verify that all of the paperwork your broker has requested is finished and entered into your document management system and make sure that every addendum has been included. Important note: If any of the paperwork is incomplete or improperly executed, your broker might not be able to grant your Commission Disbursement Authority (CDA).
  2. To avoid funding delays, make sure your sellers have given the title company access to mortgage payback details in advance of the closing date.
  3. Even though Homeowners Association (HOA) information is usually included in contracts, it's a good idea to ensure the title company has access to all relevant HOA data well before the closing.
  4. Was there a death among the sellers? Did they have a joint tenancy or tenancy in common? In that case, it must be revealed from the outset of the contract procedure. The seller must be prepared to give the title firm the necessary paperwork to prove ownership.
  5. Is it a trust or an estate? Is there a lawyer present? If so, the seller must be prepared to give the title company the necessary paperwork at the start of the contract procedure. 
  6. Give the title firm access to all modifications, extensions, and counter proposals right away, along with the inspection resolution. The closing could be delayed if there is any delay in sending these.
real estate broker holding key for closing transaction with buyer
  1. Is there a power of attorney in place for your seller or buyer? If so, they must inform the title company in advance of the closing for the proper name to appear on all paperwork. If this isn't given, documents may have the incorrect name on the day of closing, which could cause a delay.
  2. If so, what is the name of the corporation, and is this a 1031 exchange?
  3. Discuss the many closing choices your client will have with your title company in advance, such as mail-out, mobile notary, or remote online notarization (RON) closure. If a lender is engaged in the deal, they usually determine the available possibilities by requiring signed papers. Your title company can help inform your client in advance. If the customer believes they may be able to close remotely but ultimately is unable to, this helps to set expectations ahead of time and prevents annoyance as closing approaches.
  4. Before closing, provide the title firm with your Commission Disbursement Authority (CDA). Tell your title company in Indiana how you would want to be paid so they can wire money, mail the check, or cut you a check at closing. If you decide to go with a money wire transfer, make sure the title company calls you to confirm the wiring instructions before sending the wire. The CDA should contain any withholding, such as the home warranty you could be buying for a client.
  5. At least five days before closing, arrange a closing appointment with your buyers/sellers.
  6. Avoid scheduling a closing appointment after 3:00 p.m. if the move date is urgent or falls on the same day as the closing, as money could not be available that day.
  7. Make sure your clients are prepared to bring correct identification to the closure. This could include a state-issued ID, driver's license, or passport. Also, make sure to keep your social security numbers available.
  8. It is beneficial to supply your buyers with information about utility transfer. Check-in with them to ensure utilities are transferred successfully to the new address on the day of closing.
  9. Ensure that buyers are prepared to present funds to closing, either in the form of a cashier's check or a wire transfer delivered to the title company before the closing appointment. Important tip: Always confirm wiring instructions with your buyer and/or seller on the day they are sending payments by calling the title company from a verified phone number. Fraudsters target customers in real estate transactions, so remind your client to never entertain a call or email from someone claiming to be from the title company or you, as it could be someone fraudulent.
  10. If your seller owes rent for a leaseback to the purchasers, make sure they present cash to closing in the form you agreed on. Typically, a personal or cashier's check is accepted.
  11. Inform your buyers that the signature on the closing documents must match the signature on the form of identification they bring to the closing, such as their driver's license, passport, or other ID.

Now, these steps might sound easier than they truly are but don't worry, as long as you have the right title company working with you, you can make the closing transaction smooth and seamless.

Need a reliable title company in Indiana? If yes, IndyLegal is here to assist you.We've worked with various real estate agents and brokers in Indiana, and we take pride in providing a top-tier service for all our clients. Learn about our services by checking our website or calling us at 317-214-6023 today!

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8315 W. 10th Street
Indianapolis IN 46234

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