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The Buyer and Seller do not have
to close at the same time.
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The Buyer customarily closes first
(Title companies don't like to have the Seller
sign the deed until the Buyer has completed their
part).
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The Buyer Closing usually lasts
about an hour.
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The Seller Closing usually lasts
about 20 minutes.
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The Seller should bring a set of
keys to the closing for the Buyer. Spare keys and
home documents should be left in a kitchen drawer.
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The Buyer does not receive keys
until both parties have signed. The escrow agent
will hold the keys until the transaction is
complete.
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Documents may be mailed out for
signatures, or a power of attorney may be used, if
one of the principals is unable to attend. The
power of attorney must be approved by the Title
Company and/or Lender. All documents will need to
be notarized.
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The closing is not final until
funding - that is, until the lender has authorized
funding and all the checks are issued. If the
closing is complete early enough in the day (i.e.:
prior to 3:00 pm) funding will usually occur the
same day. It typically takes about 30 minutes to
approve funding. However, on busy closing days
(like the end of the month) it could take much
longer.
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With prior arrangement, funds may
be wired to the Title Company by the Buyer or
wired to the Seller's bank.
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The Buyer and Seller need to bring
Social Security Numbers and a picture Id (drivers
license) so the documents can be notarized.
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The Buyer must remember to bring
certified funds to Closing.
