MARKUS & ASSOCIATES

CLOSING TITLE

It's almost finished. The preparations are all complete - now it's time to finalize the sale. Check with your attorney or escrow broker a day or two before the closing date to confirm that everything is on schedule. Remind the attorney or broker to complete the closing statements and other documentation in advance - this may seem obvious, but closings often become protracted affairs because the professionals are unprepared.

• HAVE YOUR PAPERWORK AVAILABLE. Bring all of your documentation to the closing in case you need something at the last minute. Your closing file should include the contract, receipts for any repairs made, and copies of all correspondence relating to the purchase.
  
• UNDERSTAND THE CLOSING DOCUMENTS. Review the closing statement (HUD-1) and other documents beforehand so you understand the purpose of each. Your primary documents are the closing statement, the deed, and the mortgage cancellation paperwork.
  
• DEAL WITH ANY PROBLEMS. Closings frequently proceed without a hitch, but problems are not uncommon. Don't panic if the closing hits a snag - most issues can be resolved by simple means, such as escrowing funds to cover a contingency or unfinished repair. Even if the closing has to be postponed, don't overreact - chances are the matter can be resolved in a few days.
• EXECUTE THE DOCUMENTS. At this point the parties should execute the closing statements and other documents - and you will then sign over the deed. Congratulations, you've just sold your house!
  
• GIVE KEYS AND DOCUMENTS TO THE BUYER. You should have the keys available to give to the buyer at the closing. Additionally, you should provide all warranties, repair records, etc. pertaining to the house - either bring these to the closing or leave them in an accessible location in the house.