Whenever I close a real estate deal in-house, my closing checklist includes the following steps: 1.
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There are times when it is absolutely worth the money to hire a professional closing agent (I usually do it when I’m paying more than $5,000 for a property and/or if the property’s fair market value exceeds $10,000), but when you’re buying a property for pennies on the dollar, there are a lot of cases where you can easily close the deal yourself and get by without this added cost. It’s important to understand why title companies require what they do in a closing, which documents are an absolute must, and which documents are more discretionary in nature. If for no other reason – I’ve found that it’s extremely helpful to have a basic working knowledge of how real estate transactions actually work. By handling this entire process in-house, you can minimize paperwork and make the process much less intimidating for the person on the other end of your transaction.ĭepending on the property, you may even find that closing the transaction yourself can be faster and less cumbersome for everyone involved. RELATED: Closing With An Attorney – When and Where is it Required? Why Is This Important?īeing able to close a transaction in-house is a huge asset. Don’t try to close your own deals unless you’re willing to go slow and get the help you need to ensure you’re completing each step in accordance with the laws and regulations of your state. Some people are very good at staying organized and keeping track of these details, and others aren’t. The process DOES require some significant attention to detail and organizational skills. Before you act on anything described below, be sure to consult with an attorney or legal professional in your area to confirm you’re following the right steps and procedure.Ĭonducting a self-closed real estate transaction isn’t appropriate for all people and situations. Even though these are the exact steps & documentation that I use in my closings – don’t assume that this information is fully applicable to your situation.
Every state has different laws and every real estate transaction has unique variables that can affect these standard documents listed below. The process is very similar, regardless of whether I’m buying or I’m selling a property.ĭisclaimer: Please be aware that I am not an attorney and the information in this article should not be interpreted as legal advice. If you’re in this kind of situation (or if you just want to understand how the process works, inside and out), I want to show you the exact steps I use when I’m closing a real estate transaction in-house. If you’re in a situation where you need to act fast, acquire a property inexpensively and make the closing as easy as possible, closing it yourself may be the most advantageous way to move forward.
When you’re buying a property for just a few hundred bucks (which is how most of my deals work) and you’re already on a tight budget to begin with, it can be difficult to justify paying twice the amount of your purchase price just to close the darn thing. While some of this documentation is certainly good practice – I’ve learned that when you boil it all down, closing a real estate transaction is actually a fairly simple process – especially when it’s an all-cash transaction (no financing or mortgages involved). There always seems to be an endless pile of paperwork and a lot of legal hoops to jump through (everybody wants to protect themselves from liability, etc).
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For understandable reasons – there can be a lot of confusion and fear about how to close a real estate deal without the assistance of a professional. After working through many of the different scenarios that can materialize in the real estate closing process, I have to admit – I understand why most people are intimidated by the idea of closing a real estate transaction themselves. I’ve seen a lot of different situations and dealt with virtually every type of buyer, seller, lender, and property type imaginable. As a real estate investor and former commercial banker, I have closed hundreds of real estate transactions over the course of my career.
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