Closing FAQs

Whatexactlyistheclosing?

Closings are gatherings where buyers and sellers get together and sign all of the documents required to formally sell a home and transfer its title to the new owner. Unless the buyer is paying cash for the property, the closing is also where the purchaser will sign documentsfinalizingthemortgagethatthey'retakingout.

Whoattends?

In addition to the closing agent, buyers and sellers will typically attend the session in person. If the home's title is currently in or will be in more than one person's name (say, a husband and wife), all involved parties should plan on showing up. Both sides will also generally bring any real estate agents involved in the sale, and can also invite personal attorneys or other advisers.

CantheattorneysignformeifIcan’tbeattheclosing?

I would think that it is an improper practice for a closing attorney to sign on behalf of anyone in the transaction and suggest that it never be done When at all possible, a party that cannot make it to the closing should try to get a friend or family member to handle signing on their behalf.ThisiscalledPowerOfAttorneyandyoucansetthisupthroughtheclosingattorney.

Howtoprepare?

Besuretocarefullyreviewallpaperworkassoonasyougetitandaskforclarificationifthereis something you do not fully understand. You want to make sure that the numbers all add up and that you are getting what is expected. Check all figures closely, especially those on theclosingdisclosuretheattorneysendsyoupriortoclosing.

Whattobring?

All sellers whose names appear on the property's title and/or mortgage documents should bring government-issued photo identification. Be sure to also bring a checkbook just in casetheattorneyneedstheinformationforthewire.

Howlongdoesittaketocloseonahouse?

The actual closing itself should not take more than an hour at the most. If the law firm (and lender)havedonetheirworkcorrectly,theclosingstatementshouldhavealreadybeenreceived and reviewed by all of the parties prior to the closing which often ensures a very smooth closing.