Buying a new home is an exciting time, and it’s typically the largest purchase a person may make in their lifetime. The real estate process, from beginning to closing, can be arduous and overwhelming. Because the closing procedure is arguably the most important phase in a real estate transaction, it is important to be prepared and confident about your role, whether it be as buyer or seller.
Real Estate Closing Day Questions
To give you a better understanding of what to expect, here are four common questions and answers surrounding the closing day process.
#1 How Long Does the Closing Process Take?
The closing process can be time-consuming and involves a lot of paperwork containing technical and legal language. You will receive a plethora of information about your new home and mortgage and will be asked to sign a variety of forms. It will vary from situation to situation, but on average, the closing process takes approximately an hour.
#2 What Documents Will I Be Expected to Sign?
There are numerous documents to be signed at closing. Here are a few of the most important:
A Closing Disclosure, also known as a settlement statement, will be sent to both the buyer and the seller, and will include a settlement of the cash that will be transferred at closing.
Several loan-related documents, including a promissory note, mortgage, tax filings, and other disclosures, must be signed by the buyer in order to get a mortgage funded.
A deed conveying the property to the buyer will be signed by the seller. A Certificate of Title stating their authority to sell the property will also be signed by them. A bill of sale and a statement of closing costs will both be signed by the sellers (for personal property).
#3 Can My Real Estate Agent Sign My Closing Documents?
Getting to closing day can mean jumping through a few hoops, and, inevitably, unexpected things will happen that make it difficult for you to appear.
Unfortunately, unless you have granted your real estate agent written consent in the form of a limited power of attorney, your agent cannot sign any paperwork on your behalf. The best course of action is for you to be in attendance to review and sign all paperwork. If you plan to use a power of attorney, you need to inform the closing company in advance.
#4 When Will I Get the Proceeds from the Sale of My Property?
After the closing is complete, you will receive the proceeds for the sale of your real property. Depending on when the closing takes place, the funds may be available on the same or next business day. The manner the lender releases the funds may also affect the availability of funds.
In some cases, a check is presented to you at the closing table once all procedures are satisfied. We advise sellers to discuss the timing of disbursements in advance with the closing attorney.
We Can Advocate for You
Whether you are buying or selling real estate, you deserve to have a representative by your side throughout the process. While an agent or realtor may be able to respond to some of your questions, only your attorney will represent your legal interests and advocate for your rights.
At Apfelbaum Law, our team of experienced attorneys provides a wide range of legal services. We are prepared to help you in the areas of real estate law, family law, divorce law, guardianship, and more. Contact us today.
