Getting to the closing table

After an offer to purchase is accepted there is a period of weeks allowing time for all parties in the transaction to verify details and to do required paperwork before the closing date when the property actually changes hands.

It is important for many reasons that the contractually agreed closing date is the actual closing date, especially in cases where the buyers and sellers have move out – move in times and would be seriously inconvenienced by having to make other last-minute and expensive arrangements.

A newer real estate agent came up to me this week and, referring to the challenges a particular sale was posing prior to closing, asked,
“You have been in this business a long time. Are all transactions this complex?”
I replied,
“Get rid of the idea that there ever are any normal, typical transactions. Some prove easier than others of course but each one has some difficulties to be resolved to get to a successful closing”.

A good agent knows the business, concentrates on pulling people and information together quickly, and refuses to be side-tracked by the blame game or miscommunication between the parties involved. Get an agent working for you, keeping everyone on track, who knows who to call and exactly what to do next when glitches happen – and they likely will.

Just to give you an idea of some of the challenges that can occur on the way to a closing, this case involved

  • difficulties with a county agency over documents required from a developer
  • certain details in condominium documents that the lending institution wanted clarified, leading to a potential delay in scheduled closing
  • a painting job that was done incorrectly
  • arranging a waiver for furniture to be delivered before the unit was closed

All of these side-trips occurred after the offer to purchase was accepted. All of them required a lot of attention to resolve.The important thing was to stay focused on real estate and to get the closing done on time, as it ultimately was.