Fix and Flip Closing Checklist: From Contract to Keys

What happens between contract and closing on a flip?

Most closing delays are avoidable. They come from items that started late, not from items that were hard.

Your lender reviews and approves the loan, the title company searches the property's history and prepares to insure title, your insurance agent issues a policy, and everyone coordinates documents and money for the closing date. If any one of those runs late, the closing moves.

Axelrad's FAQ lists the core documents for hard terms: loan application, purchase contract, rehab budget, entity information, and ID. Start there.

Closing checklist: countdown format

Adjust the timing to your actual closing date. The point is the order, not the exact day.

As soon as the contract is signed

• Send the executed contract to your lender and title company
• Deposit earnest money by the contract deadline (if a deposit is the bottleneck, Axelrad offers EMD funding separately)
• Submit application, rehab budget, entity information, and ID to the lender
• Schedule inspection and contractor walkthrough inside your due diligence window
• Request insurance quotes for the property's condition and use

Early in the escrow period

• Answer lender follow-up questions the same day
• Provide comps and photos supporting your ARV
• Order or schedule any valuation the lender requires
• Review the preliminary title report: liens, judgments, taxes, easements
• Confirm the exact borrowing entity name matches on every document
• Confirm closing location or e-closing process with title

Mid-escrow

• Receive and review loan terms; ask about anything unclear
• Bind insurance with the lender listed as required (mortgagee or loss payee wording per the lender's instructions)
• Send the insurance binder to lender and title
• Confirm any title issues are being cleared by the seller
• Lock in contractor start date and material orders

A few days before closing

• Review the settlement statement for your cash to close
• Verify wiring instructions by phone with the title company using a number you already know (never from an email alone)
• Arrange signing for every guarantor and entity signer
• Confirm utilities can be transferred or turned on

Closing day

• Bring ID and any documents the title company requested
• Read the loan documents, especially maturity date, payment due dates, and draw procedures
• Wire or deliver funds as instructed
• Get keys, codes, and garage remotes
• Get copies of the final settlement statement and loan documents

Day one after closing

• Change locks and secure the property
• Photograph every room before demo (useful for draws and insurance)
• Start utilities and confirm insurance is active
• Contractor starts work per schedule
• Calendar the first interest payment and the loan maturity date

How much cash do you need at closing?

It depends on the loan and the deal. Your cash to close usually includes your share of the purchase price, closing costs, lender charges, and any required reserves, minus your earnest money deposit. The live Axelrad guide on cash to close and rehab draws explains how to plan for it.

Example (hypothetical numbers, not Axelrad terms): purchase $220,000, loan covers 85% of purchase ($187,000). Your share of purchase is $33,000. Add $5,500 in closing costs and $4,000 in lender charges, then subtract the $5,000 earnest money already deposited. Cash to close: $37,500. Check your actual settlement statement; it controls.

What causes flip closings to get delayed?

• Entity documents that don't match the name on the contract
• Title issues discovered late (old liens, missing heirs, unreleased mortgages)
• Insurance binders with the wrong lender wording
• Slow answers to lender conditions
• Unverified funds or last-minute transfers between accounts
• Valuations scheduled late

How do you protect yourself from wire fraud at closing?

Real estate closings are a common target for wire fraud because large sums move on a deadline. Treat any email that changes wiring instructions as suspicious, even if it appears to come from your title company or lender. Call the title company at a phone number you found independently, such as from their official website or your earlier paperwork, and confirm the instructions verbally before sending money. After you wire, call again to confirm receipt. If something seems off, stop and call your bank right away.

Who should be at a flip closing?

Every person who must sign: each guarantor and any authorized signer for the borrowing entity. Many title companies offer remote or mobile signing, which can help if partners are in different cities. Confirm the signing method and the documents each signer needs to bring several days in advance. If a partner will be traveling on closing day, sort out how they will sign well before then. Your attorney can tell you what entity authorization documents, such as a resolution or operating agreement, the title company may ask for.

How fast can a fix and flip loan close?

It depends on the file. A complete, well-organized file is what makes a fast close possible, and title, insurance, and valuation timing all play a part. See the fix-and-flip page for current Axelrad timing.

Key takeaways

• Start lender, title, insurance, and entity work the day the contract is signed.
• Verify wiring instructions by phone with a known number.
• Read the maturity date and draw procedures before you sign.
• Prepare day-one rehab tasks before the closing date.

Get your file started

The fastest closings start early. Submit your deal as soon as you're under contract, and review the fix-and-flip loan criteria.