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12 Crucial Items To Keep In Mind When Closing On A Property

Closing on a property can be both exciting and stressful. You hope that everything will go smoothly, so that you can start enjoying your new home, or get to work on renovating your new purchase to attract tenants. In order to make that happen, you need to be sure to keep everything in check. Of course there are all of the closing costs to consider, which may include fees you haven't thought about, but you also need to ensure inspections were properly taken care of, and that you understand all the loan details. No one likes surprise costs.

Below, Forbes Real Estate Council members have shared their best tips to help keep you on track through closing on a new property. Here’s what they have to say:

1. Check Everything At The Preclosing Inspection


2. Be Prepared To Pass Inspections In All Seasons


3. Be Prepared And Know How Much Cash You Need At Closing


4. Recognize That Timing Can Change


5. Budget For Costs After Closing


6. Have Insurance


7. Don't Forego Due Diligence In Favor Of Time


8. Schedule Early For Investment Properties Requiring Capital Improvements

With regard to investment properties requiring capital improvements, get quotes prior to close and schedule your contractors and specialists while preparing to close. In a hot market, many of these individuals are booked out a few weeks in advance. If you don't schedule early, you may be sitting on an unleasable/unmarketable asset while paying the cost to carry for longer than expected. - Catherine KuoElite Homes | Christie's International Real Estate


9. Don’t Change Your Circumstances


10. Demand Accuracy And Thoroughly Check Statements


11. Double Check Your Terms


12. Have A Detailed Schedule In Place For Investment Properties


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