Real Estate Closing Checklist
I’m a pilot. Pilots have checklists and follow them religiously. Before anything else, a flight plan is established and weather is checked. Next they take stock of themselves… The pilot in command. They check themselves for emotional distress, sleep deprivation prescription drugs, illness etc, to ensure they are fit to fly today. As they approach the aircraft they run through a pre-flight checklist for the physical airworthiness as seen from the outside. Once inside and the engine is started, the pilot checks things like fuel and oil gauges, aircraft controls, communication and navigation devices/instruments, lights and engine operation. Only then can the pilot even begin to think about taking off.
Nearing his/her destination, the pilot pulls out the checklist again. As they begin their descent they need to check their speed, landing gear, announce intentions, enter the traffic pattern according to the airports rules, check aircraft for fuel, flaps, speed, heading, wind direction and velocity, propeller configuration, and last but not least… Passenger safety for landing. Phew. Ok… Now with brain space cleared again, land the plane.
Why? Because we prefer to leave nothing to chance! Safety of the plane, crew, passengers and ground folks are imperative. On top of that, flying is fun and the only way to keep it that way is to make sure that we can fly again another day. 🙂
As with other things in our lives, complications arise and distractions occur during real estate transactions. Having a real estate closing checklist in place ensures that I don’t miss things and (heaven forbid) if something happens and I become suddenly unavailable, my replacement knows where we are at and can pick up the reins without undue risk to the real estate buyer or seller.
What can I say? I’m a checklist girl. I use them. Create them. Love them. Pass them along.
Today I got an email from my real estate closing checklist doppelganger. I get her!
Real Estate Closing Checklist for Sellers/Agents
- Provide mortgage payoff information from the Seller. (Mortgage provider and account numbers.)
- Provide Social Security numbers to eliminate additional requirements. Often necessary when ordering a payoff.
- Is the a HOA? If so, provide name and contact number. Is there a sub-association too?
- Is there an estate/trust? Is there an attorney?
- Have one of the Sellers passed away? Were they in title as Joint Tenants or Tenants in Common?
- Provide all amend/extends and counter-proposals.
- Provide the Inspection Resolution. Were there any items to be credited or escrows to be held?
- Is this going to be a mail-out to Buyer or Seller?
- Commission disbursement: Are you holding, withholding or bringing earnest money to closing?
- Is there a Power of Attorney in place?
- Is this a 1031 Exchange? If so, provide the name and contact details of the escrow company.
Don’t leave your entire transaction and your real estate closing to chance. Be sure that your Realtor is staying on top of things. Attention to detail is crucial… And so is having a tried and tested system for doing things!