How To Avoid Trouble At Your Real Estate Closing
Real Estate Closing: What You Need To Know
One of the most important parts of a luxury real estate transaction is the closing. You’re almost to the finish line, yet there are still so many moving parts and things can go wrong at a moment’s notice. Factors on either side of the transaction, buyer or seller, can impact the outcome of a closing. When you’re dealing with a luxury property in particular, making sure your closing goes well is even more imperative. Luckily, there are a few key steps you can take to prevent your closing from going downhill.
Have a Thorough Inspection
Buyers obviously will want to do a walk-through before they close on a luxury property. Make sure that you’ve done your due diligence by hiring a home inspector that takes a long, thorough look at the property to look out for any little detail that may not be up to par. If something falls through and the buyer notices something wrong during the walk-through, try to offer repairs or credits so that the entire sale doesn’t fall through. Having a failed inspection could also impact future sales, so be sure this step gets done right.
Ensure Your Buyer is Financed
While buyers will always be pre-qualified for their mortgage loan when they’re searching to purchase a property, make sure that they are also pre-approved for financing. This is especially important when you’re dealing in the luxury real estate industry and much larger sums of money are involved. If your buyer is pre-approved for financing, they will already have provided income documentation, tax returns, and other important information. This will give you a much better peace of mind that your closing will go according to plan.
Hire an Attorney
In the luxury real estate world, having a good attorney by your side can be crucial. Whether this is your first sale or you’ve been in the business for a while, having a reliable South Florida luxury real estate attorney will help you navigate every step of the process, from accurately listing your home all the way through closing. Your attorney will even assist with steps like title search and doc review. Attorneys will also help you ensure you’re getting the best value for your property and that you understand and agree with the terms of sale. If you’re selling a luxury property in South Florida, contact us today to discover how we can be of service.