The Closing Day Checklist for Proptech and Investors

Closing day is an exciting time at the tail end of real estate transactions, however sometimes it doesn’t always go as planned. What if you forget to complete a task and closing is delayed? Are both sides of the transaction prepared for closing day?

These concerns are understandable and while sometimes delays are unavoidable, by being proactive some of these hiccups are preventable. With that in mind, we’ve created a closing day checklist so you can prepare everything you’ll need for a successful close. This article will cover the top five things that you need to do to gear up for your closing day. 

For real estate investors and proptech firms, there are often a number of transactions happening at once, which can make it challenging to keep track of each step. Before the deal is done and keys are turned over, it’s important to prepare for closing day like you would any step of the transaction.

1. Review the settlement statement

A settlement statement or closing disclosure outlines all of the charges and fees associated with the acquisition of a mortgage loan. The settlement statement can arrive anywhere from a few days before to the day of the closing date depending on the availability of all the required information needed to prepare the statement. Once you receive the settlement statement, you’ll want to review closely. This is your chance to ensure all the numbers look correct and address any questions with your closing team before closing day. 

2. Sign all closing documents

Your dedicated closing team at Endpoint will send over all necessary documents for digital signature. Many documents are auto-uploaded to the documents section of the Endpoint application, when applicable. This way all your documents are in a master file, so there is minimal paperwork needed for signing on closing day. The documents signed on closing day will typically include the final settlement statement, escrow instructions, and any state-specific documents.

For investor and proptech deals that are purchased in cash, you will typically not need to use a notary and paperwork is able to be signed electronically. 

3. Prepare for closing costs

You’ll want to make sure your finances are in order and that your funds are available at closing. The settlement statement will outline all of the charges, fees, and closing costs associated with the sale of the property. 

On the day of closing, your closing team will monitor the status of the wire transfers. Once all funds are received and the closing team has clearance to close, it will prompt the authorization for release. Typically a final walkthrough or inspection will be completed and then the authorization for release will be approved.

4. Final closing documents 

After closing is complete, you’ll receive final closing documents such as the settlement statement, unrecorded deed, and notice to purchase, if required. 

At any point in time after the transaction is completed, all parties can access closing documents such as surveys or HOA documents that may be needed for disposition from the Endpoint platform. The closing documents are securely stored using Endpoint’s proprietary automation technology, and you may access them at any time post-closing day.

5. After closing day

Congratulations on a successful closing day! It’s always exciting to see a transaction cross the finish line. 

Be sure to reference this closing day checklist before your next closing. Following these steps will ensure you’re set up for success heading into closing day!

Whether you handle a few or countless transactions, Endpoint provides the perfect solution for investors and proptech companies who are looking for a scalable and streamlined closing experience. 

We’d be delighted to be your digital title partner. Contact us today to get started.