Real Estate Closings
Whether you are a first time buyer and an experienced pro, when it comes to real estate closings, you may find yourself wondering what exactly should be expected and how you can assist to make the closing experience as stress-free as possible. We are here to provide you with those answers! Let’s start from the beginning…
What is a Real Estate Closing?
A real estate closing is the transaction that occurs between Purchaser and Seller with regard to real estate. Documents to transfer ownership are signed by both parties, and there are typically several variations of this transaction. A Full Sale refers to a Purchaser and Seller and may or may not include Realtors and a Lender. If you do not have a Lender, we consider this to be a Cash Sale transaction. If you have a Lender, but no Realtors, we consider this to be a FSBO (For Sale by Owner) transaction. There are also Refinance, Home Equity, and Construction Loan transactions.
Who Should I Expect to See at a Closing?
For a Full Sale you should expect to see the Purchaser(s) and Seller(s) along with a Notary or Attorney. You can also expect to see your Loan Originator if you are using a Lender and Realtors if there are Realtors involved on your transaction. For a Cash Sale you can expect to see just the Purchaser(s), Seller(s) and the Notary or Attorney. If your transaction is a Refinance, Home Equity, or Construction Loan, you can expect that you will see a Loan Originator and a Notary or Attorney. Please keep in mind that each transaction is unique in its own way so your’s may have more or less people, depending on the situation.
When does a Closing take Place?
A closing will take place after all information has been obtained, an abstract has been ordered and reviewed by an Attorney, insurance and existing loan payoffs are received (if any) and the lender has obtained permission to close. Once these items are complete, we will contact all parties involved to schedule a closing appointment. Please refer to our Closing Process page for more information regarding closing steps.
Where does a Closing take Place?
A closing will typically take place in one of our office locations, usually the office that is central to both Purchaser and Seller. Sometimes the closing will occur outside of our office, but this requires advance notice as we will have to make arrangements for that closing location and Notary or Attorney to perform the transaction. Please refer to our Closing Location page for a list of our offices.
How Can I Assist with my Real Estate Closing?
There are several things a client can do to help the progress of their closing. Assistance with these items will help to insure that closings do not get delayed. Please shop for insurance companies as soon as possible. You may provide information on any loan payoffs such as customer service phone number and loan number. Some payoff companies take 10 business days to send the information. Whether you are the Purchaser or Seller, we will need to verify personal information to identify you in the chain of title. Please be ready to give us the following information so that we can order your abstract: your legal name, social security number, current address, future address, current spouse’s name (if any), any prior spouses names. We will also need this information for your spouse as well. By having these three items ready for us in the beginning of your transaction, we can avoid delays!