Real Estate Today
From Contract to Keys: Closing Day Tips
Feb 28, 2025
Vanessa Goggans, partner and chair of the residential real estate practice at Goggins Stutzman, shares essential insights on closing day procedures. She emphasizes the importance of being well-prepared for both buyers and sellers. The discussion delves into the latest trends in home prices and financial challenges facing retirees. Expert tips on reviewing documents and maintaining communication with lenders are highlighted as crucial steps for a smooth closing. Additionally, the podcast touches on innovative home design trends like wireless and landscape lighting.
25:01
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Quick takeaways
- Buyers must prepare by understanding required documents and bringing necessary funds to ensure a smooth closing day.
- Market challenges, including high mortgage rates and low inventory, continue to affect buyers' affordability and overall real estate activity.
Deep dives
Understanding the Closing Process
The closing process is a critical moment in real estate transactions, marking the official transfer of ownership from the seller to the buyer. Buyers need to communicate effectively with their lenders beforehand to ensure all necessary documents, like the closing disclosure, are reviewed and signed on time. It's also important for buyers to understand what they need to bring on closing day, such as certified funds for the down payment and proof of homeowner's insurance, to protect the lender’s interests. For sellers, being prepared means having the property cleaned out and coordinating utility transfers, ensuring a smooth transition for all parties involved.
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