Property Buyers: 4 Tips for Successfully Closing Real Estate

So you’ve found the home or property of your dreams and made an offer that’s been accepted. Now, you begin the closing process. Whether you’re closing on a home or commercial property, much of the process is the same. Here are 4 tips to help you have a successful closing:

  1. Establish escrow.

When your offer is accepted, you will decide which neutral third party should hold your funds pending the sale. Often, the title company holds the amount in escrow. Basically, this third party holds the funds until either all the requirements of the contract have been met or until one party withdraws from the contract in accordance with the terms of the escrow agreement.

If you’re establishing escrow for a commercial property transaction, the escrow process can be a little trickier. Because commercial properties normally cost larger sums of money, it’s not odd for there to be multiple businesses joining forces for the purchase. When multiple people or businesses are buying one property, the paperwork is more complex and detailed. This is when you should enlist the help of your real estate lawyer.

  1. Read your closing paperwork before closing.

If you’re buying a home, the Real Estate Settlement Procedures Act (RESPA) has already selected the paperwork for your closing, so it’s just a matter of working with your real estate lawyer to make sure that you fill everything that you need to fill out. RESPA is a federal law that controls residential home sales and requires sellers to attest that their home is safe. It also regulates and controls what documents are used at closing.

Because RESPA does not apply to commercial real estate transactions, the buyer and seller are responsible for creating their own closing paperwork. This can be quite an involved process, so it’s best to have a real estate lawyer’s help. Whether your lawyer is working with the other party to draft the paperwork or simply reviewing what has been submitted for your approval, it is best to have an experienced advocate with your best interest at heart reviewing these legal documents for you.

Once the closing paperwork is ready, get a copy and read it at home. Always know and understand what you’re signing before you get to closing. Don’t hesitate to contact your lawyer if you don’t understand what something means. The best time to ask questions is before the closing, not after.

  1. Prepare yourself for closing.

The closing process can be quite lengthy, and it can involve many people. At your closing, you could have the buyers, the sellers, the real estate agents for both parties, the lawyers for both parties, your agent from the title company, and possibly a representative from the bank. Because of the number of people involved and the number of signatures required, it’s best to have your schedule clear for several hours.

  1. Bring your ID and all important paperwork to the closing.

Your REALTOR or the title company should notify you of what you need to bring to closing. This may include your driver’s license, down payment, proof of homeowner’s insurance, a copy of your contract, the results of the home inspection, and anything required by the bank for the approval of your loan.


Throughout the closing process, you need help from a real estate lawyer. An experienced lawyer like Kevin Forrester can ensure you understand and approve of the contents of the papers you will sign at closing. If you need a California real estate lawyer for your real estate transaction, call Kevin Forrester today at (760) 932-0999.

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