Closing a real estate transaction can sometimes be the most stressful part of the deal. However, the following are some real estate investment tips to help make the closing go more smoothly when you are buying investment property.
Doing research on the title is an important step when buying investment property. Hiring a good title company will help you get that research done in a timely manner. The title company conducts research about the piece of investment property and determines who is the legal owner of the property, if there are any liens or back taxes due and any other fees or restrictions. The company will find any issues that need to be dealt with before closing is complete.
One of the most important things to do before starting a real estate deal is to find is an experienced and well-organized escrow officer. The escrow officer is the one who puts together all the essential elements. The escrow officer brings everything together, including all the paperwork the various parties involved in the deal need to fill out. He or she will make sure all the documents are ready for signing, so that you can complete buying your investment property.
Before going through a closing, it is important to mentally prepare yourself for some complications when buying investment property. Part of mentally preparing is giving yourself an extra couple of days. If the deal closes two days later than you anticipated, then you have already have planned for that problem. You will be fine, especially from an investor’s standpoint. Giving yourself extra time will help to ensure everything is in order.
Finally, having a typed checklist of the things you need to have done to complete a closing will help you stay on track. Some items to include on the checklist are scanning and saving documents and contacting different people at certain times. Sometimes things happen that can disrupt a deal and cause some disorder. Constantly going through a checklist and checking items off your list will make sure you are prepared throughout the process of buying investment property, including closing.
The important things to remember to make a closing go more smoothly is to first find a good title company. Second, hire a an experienced and well-organized escrow officer. Third, mentally prepare yourself for any complications. Finally, have a checklist and make sure to mark off items as you go.
With over 20 years of experience in northern Nevada real estate, Greg Hughes is an expert at buying investment property in Reno. His firm offers clients a great way to invest in real estate. For more tips about real estate, visit Reno Real Estate Investment Advisor Greg Hughes’ blog.