Are we on the same page?

The closing table is NOT the optimal place to learn that the Buyer and seller aren’t on the same page.

It’s those pesky little details around who’s paying for what and what things stay or go that can turn a blissfully Utopian closing into a veritable maelstrom of vitriolic chaos.

“those curtains were supposed to STAY!”

“ALL of the appliances were supposed to remain – even the $8,500 washer and dryer.”

“The $5,000 Seller paid closing costs INCLUDE the Title costs.”

This can derail the train in a New York Minute.

and it doesn’t EVER have to happen.

If everyone in the transaction would do this ONE thing, the odds of these kinds of show-stopping misunderstanding plummet to near zero:

S.L.O.W     D.O.W.N

Read every document to UNDERSTAND.

While negotiating, ask LOTS of questions to ensure unilateral alignment.

When we all think we have struck agreement, we get it properly documented and executed with signatures and dates/times.

Where the rubber REALLY hits the road is this final step . . . Confirmation of receipt of the Binding agreement by all parties.

Astonishingly, this is the part that often perpetuates the abyss of confusion that later ensues at the closing table, because . . .

Someone along the way might “tweak” a term or two as they sign the “Final” agreement, and then send it on to the next party who may not notice (In their haste to get the deal binding) and sign it themselves only to learn of the changes weeks later as they’re poised to sign the deed.

So . . . Review it carefully – Sign it – Deliver it to the next party – Confirm receipt . . . they then review it carefully – Sign it – and deliver it back . . . You review it to be sure it’s still what you sent and you confirm by declaring that it’s a “Binding agreement”

Oh I know all of this sounds SO bloody tedious, but I promise it’s worth the extra effort.

 

Published by Barry Owen

Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love

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