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Closing

The Closing Meeting

After the attorney has prepared the lender’s package, received all the documentation related to the property (specified above), and you have secured certified funds, you will meet with the attorney or his/her non-lawyer assistant for the closing meeting. We will accompany you to this meeting. On occasion, your lender may also be at the closing meeting with you. The Seller and/or Seller’s agent may or may not choose to attend at the same time you are there. They may have met earlier with the attorney or his/her representative to sign their necessary documents.

The attorney or his/her non-lawyer assistant will sit down with you with a multitude of documents that you will need to sign. The attorney or non-lawyer assistant will put these before you and explain what you are signing. However, a non-lawyer assistant has restrictions on what he/she may do and not do in closing meeting. We suggest you speak with your attorney if a non-lawyer assistant will conduct the meeting. He/she will review with you the HUD Statement that specifies any and all monies involved in the transaction for both you and the Seller. After your approval, you will then sign the HUD. After signing all papers, the closing meeting is concluded. Wait! The property is not yet yours!

Escrow Closing Option

Another valid option for closing is an Escrow Closing. This works especially well for those who are out of town and who cannot attend a closing meeting. In addition to the OTP/C both Buyer and Seller enter, in writing, into an Escrow Agreement. An impartial third party, often a law firm, serves as an escrow agent for both parties. Both buyer and Seller must provide all necessary documentation to the third party, who then follows the instructions on closing according to the Escrow Agreement. Neither party needs to be at the closing, as the third party will follow the instructions for closing in accordance we with the agreement.

Closing and Recordation

After the closing meeting, the attorney or one of his/her representatives will make their way to the courthouse. There they will do two things in the following order: 1.) He/she will check to see if there are any new encumbrances or liens placed on the property since the title search and 2.) he/she will record the deed with the Register of Deeds in the county seat where your property is located. On recordation, clear and legal title has been conveyed and then the property is yours

Possession

After recordation you are the legal owner of the property at which time you have all the rights, privileges, and responsibilities associated therewith. We will work with the Seller’s agent to secure the necessary keys, garage door openers, etc. that will be made available or given to you after recordation. It is time to celebrate!