Buyer Tips for a Smooth Escrow Closing

Purchasing a home is a significant milestone, and ensuring a smooth closing process is essential to finalizing your investment. At Lakeside Escrow, we've compiled key tips to help buyers navigate the closing phase effectively, making your transition into your new home as seamless as possible.

What steps can I take as a buyer to ensure a smooth and successful closing?

To ensure a smooth closing, it's important to stay organized and proactive. Begin by thoroughly reviewing all closing documents, including the Closing Disclosure, and address any discrepancies with your lender promptly. Ensure you have a valid government-issued photo ID and proof of homeowners insurance ready for closing day. It's also advisable to conduct a final walk-through of the property to confirm its condition aligns with your expectations. Being attentive to these details will help facilitate a seamless closing experience.

 
Sign and Return Documents Promptly
Once you receive your escrow opening package, promptly sign and return the necessary forms.
Notify of Travel Plans or Power of Attorney
If you plan to be out of town during escrow, or if someone will sign documents using a Power of Attorney, inform your escrow officer.
Inform About 1031 Tax-Deferred Exchange
If the escrow involves a 1031 tax-deferred exchange, provide the name of your Qualified Intermediary, if applicable.
Stay Responsive to Requests
Be proactive and responsive to requests from your agent, lender, and escrow officer. They are all working together to ensure a smooth and timely closing.
Ensure Funds Are Ready
Your escrow officer will inform you of the final amount to wire for your down payment and closing costs. Make sure your funds are in an account that can wire the money to escrow within 48 hours of closing. Using funds from a 401k or investment accounts? Ensure the institution can wire the funds, as ACH transfers are not accepted.
Good Communication Is Key
Effective communication is essential. Don't hesitate to ask for help, and we’ll guide you to the right party for the information you need.
Schedule Inspections and Repairs Quickly
Quickly arrange for inspections or repairs and coordinate with your agent. Ensure the property is available for any appraisers or inspectors requested by the buyer or their agent.
Beware of Wire Fraud
Lakeside Escrow will never send wire instructions via email. If you receive wire instructions via email claiming to be from Lakeside Escrow, they are fraudulent! Contact your escrow officer immediately.
Notify About Solar Systems
If you're purchasing a property with solar panels, inform the escrow officer. The transfer of solar ownership can't proceed until the seller is current on their payments.

Connect with us

We would love the opportunity to connect with you and discuss how Lakeside Escrow can assist with your escrow needs and help ensure a smooth and efficient escrow process.