In your minds eye you may envision closing like a movie scene. Both parties, the attorneys and agents sitting across from each other at a large conference table. While this does look and makes for a great Hollywood story, I’ve never actually seen anything like this at a real estate closing. The closing is the final stages but it likely looks different than you may imagine.
In the real world of local real estate the closing is really a multiple step process. Typically speaking the seller will visit their agent a few days to as much as a week prior to closing. The sellers attorney and their team of amazing paralegals have prepared the sellers documents and will have the sellers come in and sign ahead of the actual closing. The sellers will sign the deed and other legal documents. This may include a temporary Power of Attorney so the attorney can sign any small last minute changes on behalf of the seller.
The sellers attorney will then package everything up and send the forms to the buyers attorney. Buyers will meet with the attorney, typically on the day of closing, and go through the legal and financial forms needed to close on the home.
The attorney is a big part of our real estate team we assemble. A great attorney and their paralegal will make sure you understand each part and lead you through the process with the heart of a teacher. They will review the opinion of title and explain any encumbrance that may be present.
At the attorney office, the buyers will sign the deed and loan documents, the money will be taken (cashiers check-wire-etc) and then the documents are taken to the courthouse to be recorded. It’s important to know, no keys can be exchanged and no money released to agents and sellers the deed has been properly recorded. Once the deed is recorded the home is considered closed and every one moves on and lives happily ever after.
Rose & Womble
252 312 2263