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Closing

The Closing Meeting

After all the documentation has been prepared by the closing attorney, the date and time set; you and the Buyer will meet with the closing attorney to “close” the deal and the transaction. We will accompany you to this meeting. Usually, you can go in before the buyer’s meeting to sign the deed, the HUD-1 form, and any necessary documents. THE closing agent, and we, will review the HUD-1 with you.

The closing attorney or his/her non-lawyer assistant will meet with the Buyer so that the buyer may sign the multitude of required documents. The buyer will then sign the HUD-1. After signing all papers, the closing meeting is concluded. Wait! Your property is not yet sold!

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 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 your property is sold.

The proceeds on the sale of your home can then be picked up at the attorney’s office, along with a signed copy of the HUD-1 form.

Possession

After recordation, the buyer is the legal owner of the property and has all the rights, privileges, and responsibilities associated therewith. We will make sure that we get from the you the necessary keys, garage door openers, etc. that will be made available, or given to the buyer after recordation. Then, it is time to celebrate!