Downstate NY
Many times buyers or sellers ask what takes place at a closing, who is there and what can they expect? Here is a very brief overview of what you can expect:
Generally, the estimated closing date, or “on or about” date is negotiated at the time of the offer-to-purchase, is made. After the contracts are signed, contingencies are met and the deal progresses, it is really up to the buyer and seller’s attorney to coordinate with all parties to schedule the actual date, time and location of the closing. There are many steps and usually many weeks or months between getting an accepted offer on a property and sitting at the closing table.
Closings are usually held at the seller’s attorney office but it can also be held at another participant’s office, maybe the bank attorney, for instance. Everyone is seated at a table, usually the title closer on one end, the bank closer on the other end, while the buyers on one side with their attorney and the sellers across the table with their attorney. The real estate agents are usually away from the table maybe in an extra chair in the room or in the office waiting area.
There is a bank closer representing the bank or mortgage lender. They are responsible for the mortgage documents and are representing the bank’s interest. The buyer’s attorney will review all of the mortgage documents for the buyer’s understanding and then the buyers will sign. There is a lot for buyers to sign!
The title closer is looking out for the title company. (Title insurance covers either a homeowner or the lender that financed the mortgage for the property. Lenders require the buyer to pay for lender's title insurance as part of your mortgage closing costs) They make sure the documents are accurate, original documents, names are spelled correctly and the buyers and sellers are who they say they are. They also make sure any outstanding loans and liens on the title report are paid off.
A closing can take as little as one hour, usually takes about 2 hours but can take as much as 3 or 4 hours if a problem arises.
Remember, if you are buying or selling you will need to bring a photo ID to the closing. At the end, once the mortgage has been funded and all of the paperwork is in order, the moment everyone is working towards, the sellers will give the buyers the keys to their new home!
