The closing process is the culmination of the contract—the transaction that has taken place between the buyer and the seller.
Closings typically take place at a closing attorney’s office. The closing attorney is generally chosen by the buyer’s side of the transaction.
That said, it’s important to keep in mind that the closing attorney does not represent the buyer or the seller when there is financing involved. In that case, the closing attorney actually represents the lender.
Sometimes the attorney is chosen by the seller’s side of the transaction. For example, if the seller is dealing with probate, they may choose to use the attorney they’ve already been working with to handle the closing for a smoother transaction.
If you are buying a new construction property, the builder will choose the closing attorney. Builders are very fond of their closing attorneys and will do what they can to keep their closings all in one place. It’s more convenient and it helps the builder with record keeping.
The closing attorney’s job is vital to the closing process. The attorney will make sure that the title will transfer with no liens or encumbrances. They will do a very thorough title search and offer you a title insurance policy at the end of closing. I recommend that you take advantage of that policy; it protects you from anything that might not have been found in that search.
If at all possible, we do like to have all parties involved present at the signing of the contract. It’s important that we are able to answer any questions that the buyer or seller might have. It’s also important to make sure that both parties have completed all of their obligations to the contract. For example, we need to make sure that the buyer has brought their funds and are capable of closing. We also need to make sure that the seller provides the title and has completed any repairs or replacements as negotiated in the contract.
Sometimes, though, not everyone can make it to the closing table. That’s okay. We just need to know that information as soon as possible so that we can take the proper steps to close the transaction. We may need to get power of attorney or put together a mail-away package in order for that closing to transpire.
If you have any other questions about the closing process, just give us a call or send us an email. We would be happy to help you!