- If you have an FHA loan, remember that interest is paid for the whole month, no matter when the loan is paid off. Therefore, try to schedule the closing and the payoff to be sent to the bank well before the last day of the month.
- Leave the utilities on until the actual settlement and transfer of title. This tip is especially true in the winter.
- Bring your driver's license to closing (a picture ID is needed).
- Realize that not all closings have to occur on the 30th or the 31st of the month. (As mentioned earlier, if you have an FHA loan, you definitely do not want to close on the last several days of the month as any delay could cost an extra month's interest payment).
- Arrange with your Realtors for the delivery of keys and possession. In addition, have a contingency plan, in case of any delay.
- Do not expect the net proceeds from the sale the same day as the settlement. If you need the proceeds ASAP, then inform your attorney in advance for special arrangements to be made.
- BE FLEXIBLE! Because of all the moving parts and complexities with a real estate closing, there may be unexpected last minute issues. If so, take a deep breath and relax. Your Realtor and settlement attorney will work out any last minute issues.
Hopefully this three part series of Tucker's Tips will be a helpful tool to provide to a seller. The following link is a PDF of all the tips for "Smooth Selling."
P.S. If you have any other ideas or comments for "Smooth Selling," please let me know. I would love to have a 20th tip!
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes