Title Tip: Six Steps To Make For a Quick Closing

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By Lydia Blair
Special Contributor

Some folks like a long, unhurried closing. Others prefer a quickie. Depending on who is involved, you could have either.

The closing process in our area typically takes about 30 days. Want to close sooner? How about in 2 to 7 days? It’s possible. I’ve done it a couple of times.

A quick closing takes some fast action from the buyer, the seller, and their title company. Some diligent effort needs to come from everyone to make it happen.

If you’re looking for a quick closing, follow these six steps:

  1. Either pay cash or have the mortgage process already started with a lender. Mortgage lenders do more than run credit reports and review your financial information. They also order an appraisal, which can take more than a week to obtain. And they submit everything to their underwriter for approval. It takes weeks for them to do their due diligence. The mortgage route is usually the lengthiest part of the closing process. Getting pre-approved can speed it up.
  2. Submit your contract to the title company immediately after executing it. The title company will need to perform a title search. That process can take between two and 10 days depending on the title company and time of year. Have the survey in hand and submit it with the contract. A new survey can take five to 14 days to obtain and review.
  3. Ensure everything on the contract is completed and correct. Don’t leave anything blank, especially the contact information for all parties. Waiting for responses or correcting errors only increases the timeline. We need any and all amendments, addendums, HOA contact information, etc.
  4. Deliver the earnest money to the title company promptly in the form of a cashier’s check or wire. Some title companies require a minimum of 10 days after receiving a personal check to ensure it has cleared. All funds must be verified before the closing is complete.
  5. Pre-order any HOA documents in advance if possible. These are usually good for 60 to 90 days.  Some HOA management companies take 14 days to deliver the required Resale Certificate and HOA documents after payment is received. If you want them sooner, they may charge a hefty rush fee.
  6. Keep your deal as clean and simple as possible. Ensure all parties are ready, willing, and able to sign in person at the title company on the closing date. The earlier in the day, the better.

Follow these steps if you’re looking to consummate your transaction quickly.

The opinions expressed are of the individual author for informational purposes only and are not legal advice. Contact an attorney to obtain advice for any particular issue or problem.

Lydia Blair (formerly Lydia Player) was a successful Realtor for 10 years before jumping to the title side of the business in 2015. Prior to selling real estate, she bought, remodeled and sold homes (before house flipping was an expression). She’s been through the real estate closing process countless times as either a buyer, a seller, a Realtor, and an Escrow Officer. As an Escrow Officer for Carlisle Title, she likes solving problems and cutting through red tape. The most fun part of her job is handing people keys or a check.

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