A real estate closing is the final big step after a buyer and seller have entered into a purchase and sale agreement for real estate. The Closing officially and formally gives ownership of the property to the buyer. A neutral third party closing agent such as a title company or a real estate attorney handles the real estate closing. At the Closing, the home’s title is transferred from the seller to buyer, the proceeds of the sale are distributed to the seller, and the buyers will typically sign the mortgage note. This process can take several weeks depending on different factors.
While a real estate closing can seem daunting because of its many complications, being prepared can simplify and streamline the process. Below is a Tennessee real estate closing checklist for attorneys, buyers, or sellers, as well as a day of closing checklist:
Pre-Closing Closing Checklist
- Completed and Signed Real Estate Sales Contract to include all addendums, disclosures, counter offers, and compensation agreement
- Buyer’s New Lender Contact information
- Homeowner’s Insurance Contact Information
- Marital Status of Buyer and Seller – Spouses will need to sign
- Payoff Information for existing mortgages and liens to include Loan Number, Social Security Number, and Phone Number
- Any prior title insurance policy (10 or less years old) for reissue credit
- Home Owner’s Association contact information
- Homebuyer’s Warranty
- Repair Information
- Termite Letter and Invoice
- Probate Estate information if seller is an Estate
- Trust Agreement if the property is in the name of a Trust
Day of Closing Checklist
- Photo ID – State-Issued Driver’s License, State Issued identification card, Military ID, or U.S. Passport
- A form of payment to cover the real estate closing costs – Typically a cashier’s check or a wire transfer
Preparation is the best way to avoid mistakes!
Although the process of completing a Real Estate Closing in Nashville can be intense and requires patience, finally owning or selling a property is the light at the end of the tunnel. If you have questions about your closing or need to discuss an issue with a real estate attorney, contact Collins Legal, PLC.