The Closing

The culmination of the sale process is at the closing table. Usually, the buyer, seller and their agents will be present and an officer of the title company or the escrow agent will preside over the procedure. Normally this will take place at the title company office.

Basically, two transactions will occur. The transferring of the property to the buyer and either paying off the existing mortgage or allowing the buyer to assume the mortgage. It's possible the sale proceeds will be distributed at that time but not likely. Your agent or the presiding officer should be able to inform you of the time of payout if there is one.

In the title transfer, the title company will produce the paperwork that proves you are the recorded title holder. In turn, once everything has been signed and documented, the seller presents the keys to the property to the new owner.

To avoid problems be sure that all signatures needed to transfer title have been applied or that the required person is present to give their signature.

Closings usually last an hour or so and is just a formality. Be sure you have all the necessary paperwork present, such as proof that all contingencies have been satisfied or removed.

To discuss the closing or to review anything you might not understand, give me a call or email me for an appointment. I will be happy to go over any questions you may have.

Rick Lockwood, Realtor®
(512) 635-2691  Email