Key Takeaways
- Real estate agents assist you by coordinating inspections and appraisals.
- They ensure that contingencies are met and keep the transaction on track.
- Your agent should support you through final negotiations and preparations for closing day.
Once a buyer and seller sign a purchase agreement, the role of a real estate agent shifts to ensuring that all details and contingencies are handled before closing day. Agents are integral in coordinating inspections, managing deadlines, and helping buyers navigate the complex process between contract signing and closing.
Post-signing support
1. Coordinating inspections
After the purchase agreement is signed, a key responsibility of the real estate agent is to coordinate necessary inspections. This includes home inspections, pest inspections, and any specialized inspections required by you or your lender. Agents ensure that these are scheduled promptly to avoid delays.
2. Monitoring contingencies
Many real estate contracts include contingencies such as financing, inspections, and appraisals. Your agent’s role is to track these contingencies closely, ensuring that each is met within the specified timeframe. They serve as your advocate, ensuring that the property meets all requirements or negotiating on your behalf if issues arise.
3. Negotiating repairs
If the inspection reveals problems with the property, the agent helps the buyer negotiate with the seller for repairs or credits. Their goal is to protect the buyer’s interests while maintaining the deal’s integrity.
Managing the contingencies
Managing contingencies is a critical task during the contract-to-closing phase. Real estate agents take responsibility for making sure all conditions of the sale are met, allowing the transaction to proceed smoothly.
1. Appraisal management
The agent coordinates the appraisal process required by the lender to confirm the property’s value. If the appraisal comes in lower than expected, the agent works to renegotiate the purchase price or navigate other solutions.
2. Title search assistance
Agents ensure that the title search is completed without issues. They work with title companies to verify that the property is free of liens or legal claims and address any problems that might arise from the search.
3. Document preparation
Agents assist buyers in reviewing and preparing the necessary legal documents required for closing. This includes reviewing the closing disclosure, ensuring that all fees and costs are accurate, and clarifying any questions the buyer may have.
4. Managing the final walkthrough
Before closing, your agent will coordinate a final walkthrough of your new home. This allows you to confirm that the property is in the agreed-upon condition and that any negotiated repairs have been completed.
Closing preparations
1. Scheduling closing
Your agent will schedule the closing appointment, ensuring that all parties—buyer, seller, and lenders—are available and that the necessary documents are in place.
2. Reviewing the closing disclosure
Your agent should help you review the closing disclosure, which outlines the final details of the mortgage loan. This document includes loan terms, monthly payments, and closing costs, and agents ensure that you understand every line item.
3. Resolving last-minute issues
In the days leading up to closing, agents are on standby to address any last-minute issues that might arise. Whether it’s a documentation hiccup or a final negotiation point, the agent ensures the buyer’s concerns are handled swiftly
4. Attending the closing
On the day of closing, the real estate agent typically attends the meeting to provide support and answer any questions you may have during the final stages of the transaction.
From the time a purchase agreement is signed until the day of closing, your real estate agent plays a vital role in ensuring that all details are handled efficiently and that your interests are protected. Their expertise in navigating the closing process helps ensure a smooth transition to your new home!
FAQs
What if something goes wrong on the final walk-through?
Don’t fret. If something goes wrong on the final walk-through, your real estate agent is there to help you negotiate repairs or compensation with the seller. This is part of their job and something they should be experienced at doing.
Should I use the lender my agent recommends?
The answer is – it depends. Your agent likely has a local loan officer they trust and who has done good work in the past. That’s obviously important, but these retail loan officers are often more expensive. So if you haven’t shopped rates, you may end up paying more than you need. A Fannie Mae study showed that over a third of borrowers don’t get multiple quotes, and other studies show that borrowers who don’t get multiple quotes may pay many hundreds of dollars a month more for their loan.
Is it too late to shop for a better mortgage rate?
Most closings occur 30 to 45 days after you sign a contract. That still leaves plenty of time to compare mortgage offers if you don’t think you’re getting the best rate. Most good lenders can close in under 21 days, and some in as little as 14 days, depending on the appraisal and other factors. Here’s our article on comparing mortgage rates if you’d like to learn more.
