Via Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.):
From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...
Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!
1. If you hire an attorney to guide you through a transaction, be sure to employ them BEFORE you sign any legal documents, especially an agreement of sale...!!!
2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from closing...so providing bank statements detailing recent deposits will expedite greatly your closing time...!
3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!
4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!
5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...
Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!