By Deborah Miller, Licensed Real Estate Salesperson
The home-buying and selling processes can be extremely multifaceted, which makes reaching the closing table all the more gratifying. With that being said, there are still many considerations to take into account before closing a sale. Here are three questions to consider before you close.
1. Have you thought about setting up Power of Attorney (POA)?
Power of Attorney authorizes your real estate attorney to oversee your closing without you being in attendance for it, should you have:
Unexpected travel
Travel interruption
A need to quarantine
Power of Attorney can be a game-changer, depending on your situation. It facilitates the setup for a smooth sail across the finish line no matter the weather or where in the world you may be on your closing day.
Important note: POA requires advance notice and paperwork prep. It should not be left to orchestrate on the day of your closing.
2. Have you booked an appointment with an estate attorney?
Once you have your closing date, consider scheduling an appointment with your estate
attorney regarding your wishes for your property when you’re no longer here. If you need a recommendation for an estate attorney, ask your real estate attorney or real estate broker. After all, chance favors the prepared mind.
3. Have you confirmed your closing date with your insurance broker?
While most condos and co-ops require proof of insurance at or prior to closing, set a reminder to let your insurance broker know when your closing is finalized. As a pro tip, consider setting your insurance to autopay so as not to miss a payment.
Deborah Miller, a Licensed Real Estate Salesperson with Brown Harris Stevens, writes from Harlem and lives for savvy pointers. Find Deb and her Senior Broker, Ariela Heilman, online at arieladeb.com