In the fast-paced world of real estate, time is money, and delays can derail even the most promising deals. 

To help your clients close their deals faster and with fewer hiccups, here are three key steps to incorporate into your workflow:

1. Obtain the Mortgage Payoff Early

One of the most critical steps is securing the mortgage payoff as soon as your client receives a mortgage commitment. This document outlines the remaining balance of the seller’s existing mortgage and is essential for calculating closing costs accurately.

Why it matters: Waiting until the last minute to get the payoff can lead to delays in finalizing the closing disclosure and funding. By obtaining it early, you give all parties the information they need to move forward without unnecessary back-and-forth.

Nexus Title Tip: Work closely with the title company to ensure they receive the payoff statement promptly. This minimizes discrepancies and avoids last-minute surprises.

2. Coordinate with the Mortgage Broker and Bank Attorneys

Communication is key to a seamless closing. As soon as the mortgage broker selects the bank attorney who will handle the closing, coordinate with them to align on timelines, document requirements, and expectations.

Why it matters: Lack of coordination between attorneys, title, and lenders is a common source of delays. By establishing a direct line of communication early, you can troubleshoot potential issues before they become problems.

Nexus Title Tip: Confirm the bank’s specific requirements for closing documents to avoid any last-minute rework or additional requests that could hold up the process.

3. Prepare and Submit the Deed in Advance

The deed is one of the most important documents in a real estate transaction. Preparing and submitting your client’s deed to the title company before the closing date can save valuable time.

Why it matters: At Nexus Abstract we like to see the deed beforehand to verify it is drafted correctly and avoid potential title defects. Submitting it early gives us ample time to address any issues that may arise.

Nexus Title Tip: Submit the deed to Nexus Abstract, your title company, before the closing. This allows us to verify its accuracy and ensure compliance with local requirements, preventing any unnecessary revisions or rejections.

Bonus Title Tip: Submit Signed Affidavits and Title Docs Before Closing

To further streamline the process, gather your client’s signed affidavits and title documents and submit them to the title company well in advance of the closing date.

Why it matters: This proactive step ensures that all required documentation is in place, allowing the title company to clear the file for closing without delays.

Nexus Title Tip: Follow our deal-specific checklist to ensure no documents are missing and to ensure a smooth closing.

Final Thoughts

By following these three steps—obtaining the mortgage payoff early, coordinating with mortgage brokers and bank attorneys, and submitting the deed in advance—you can significantly reduce delays and improve the overall experience for your clients. Adding the extra step of submitting signed affidavits and title documents beforehand further ensures a smooth closing process.

Remember, collaboration and proactive communication with all parties involved are the cornerstones of a successful real estate transaction. By taking these actions, you’ll not only close deals faster but also earn the trust and loyalty of your clients and partners.

Contact us at Nexus Abstract Title Agency today for expert assistance in ensuring smooth, efficient closings.