Negotiations are completed, the sellers have completed all required repairs and signed their documents, and the lender has cleared the buyers to close…..BUT what does that really mean and what has to happen at the closing table to a buyer?
Sellers are done
In last weeks video, we took a look at what the sellers have done to get up to this point. If you need a refresher, head back over and take a look. Basically they have signed all of their documents, and their attorney has sent everything over to the sellers attorney and the deal is ready to “Close”
Closing Day for the Buyers
Closing is a big day for the buyers. This can sometimes be referred to a settlement but almost always is called a celebration. The buyers will be given the clear to close, and head over their attorney’s office. Its at the closing table the attorney will review the deed, discuss any necessary restrictions, review the loan documents and get the final closing disclosure signed.
Make sure you stretch good. There are LOTS of signatures to complete, and your hand may cramp! This is the moment you’ve been waiting months for, but make sure you are paying attention. A great closing attorney, will be reviewing details with you as you go through each form. The attorneys have a great deal of knowledge so make sure you feel good about what you are signing. THIS is why you hired them and no one should ever sign something they don’t understand!
Delays in the closing
Every person I know involved in the real estate world understands the importance of closing on time. Nobody likes a delay. Delays are disappointing for everyone and causes a great deal of strife and heartache (not to mention the headaches of rescheduling your moving crew or booking a hotel last minute). Inevitably things happen and this is going to cause a delay. It may not seem like it, but the moment there is a delay most agents, attorneys and lenders are doing all they can to avoid or shorten the delays. Details matter and you need to pay attention when you are hiring your agent, attorney and lenders. With the help of your agent you need to make sure the team of professionals is up to the job of keeping your deal moving forward and on schedule.
Recording of the Deed
After the pile of papers are signed, buyers sometimes expect to be handed the keys and begin the moving process. There’s still one major part of the process that must happen first. The deal is not officially complete until the deed has been recorded at the register of deeds for the county where the home is located.
Once the deed has been recorded, then the agents can release the key to the buyer and the move in process can begin. This usually happens on the day of closing, but depending on the case load of the attorney and the time of day the closing is scheduled, could be delayed a day. This is an important part of the process to remember if your closing is scheduled for late Friday afternoon.
Variations on the theme
The process I describe is what is customary in Northeast NC. We are a very rural area and in the counties I serve (Camden, Currituck, Pasquotank, Perquimans and Chowan), this is the way we operate. I have a great team, including amazing legal professionals in every one of those counties. In some states they use a Title Company, and things may proceed slightly differently. Make sure you ask your real estate agent about the specifics for your area.
When you are ready to start your own real estate journey, I am readily standing by to get you moving! Welcome Home
Chris Whitehurst
Inner Banks Real Estate
ChrisWhitehurst.com
252 312 2263