If you're dealing with tenant buyers, undoubtedly the most important point in the process is the property closing. That's when everything comes together, and when your initial investment pays off in producing a happy tenant buyer.

The closings can be held right in the company office. Typically those in attendance include the closing agent, the trustee, and the buyer. Since the properties are placed into land trust, the trustee must be there. In most cases, the loan officer has spoken to the tenant, so that the tenant knows what to expect.

The company typically arranges the closing. The loan officer will call the company with the news that a tenant has been approved for a closing day. Then the company will phone the tenant and arrange a good meeting time for the closing.

The tenant must bring his or her driver's license to the closing, as well as the money that is due at that time. The title company also usually wants updated pay stubs. And, if the borrower is divorced, he or she will need a copy of the final divorce decree.

Although the company does not have to be represented at the closing, it's a good idea if a company executive is present. That way, he or she can give the tenant buyer peace of mind. The presence of the company executive provides extra support for the tenant buyer.

One common problem at closings occurs when the tenant goes out and applies for car loans right before trying to close on a house. Applying at a number of different lenders can hurt an individual's credit score, which can, in turn, adversely affect the closing.

Another problem occurs when the tenant fails to pay his or her rent close to the closing. As a result, we consistently try to assure tenants that the rent will be prorated, based on the closing date.

Yet another persistent problem occurs when a closing is drawn out. This can happen for a variety of reasons-for instance, a lender may request information at the last minute. As a result, tenant buyers need to remain flexible and not become overly worried if the closing date is delayed. The company can work to reassure the tenant that the home buying process is proceeding, despite some unexpected delays. Generally speaking, the company does not need to provide much follow-up after the closing, since most closings run smoothly.