Although you may not typically speak with your closing agent until you are well into the purchase process or possibly not until the day of closing, it is a good idea to consider the closing agent early on, introduce yourself, and be sure the agent has all your contact details, phone numbers, e-mail and mailing address. Your realtor or mortgage broker can help you find the best partner for you and help you make contact!
Pro-Tip: Consider nearby local businesses so it's convenient to drive to a closing or to deliver any missing paperwork like a power of attorney, deliver an old divorce decree or provide a copy of a trust agreement.
Once chosen, while you're taking care of final inspections, the agent will be working behind the scenes to search the title, determine pro-rata expenses such as property taxes, work with the seller's lender, with your new lender, and following up on any special instructions which may be spelled out in the purchase agreement.
The closing agent works for you, so don't hesitate to ask questions along the way. The closing agent is an impartial party to the transaction and is there to provide information and facilitate the transfer of the property from the seller to buyer. It is important to understand your closing agent is your partner in this transaction.
Who Does What?
|What an Agent Does||Your Responsibility|
|Obtains title report and arranges for Issuance of policy of title insurance.||Read and understand the report. Question issues in the report and review boundaries. Sign off on agent's report.|
|Prorate costs such as property taxes, Insurance, loan interest, and rents, if applicable.||Check the proportioned expenses. Do the math. Mistakes, though rare, are possible.|
|Collect and coordinate paperwork, including financing and required disclosures.||Arrange for cash, in the form of Cashier's check or bank transfer for your portion of the closings costs which you agreed to pay.|
|Transfer and record deed.||Check the spelling of your name, the way you will hold title, and the description of the property.|
|Transfer your payment to the seller.||Speak directly with other parties, such as the inspector, real estate agent, mortgage broker or your attorney to be sure everything is in order before you hand over your final payment. Check and cross check before the day of closing.|
Pro-Tip: The most important serve a closing agent provides is information. Choose an agent that is committed and knowledgeable in your local market and who is ready to partner with your purchase team every step of the way.