A closing is the culmination of a whole lot of work involving multiple parties over the course of several months in most instances. Between the real estate professionals, title agencies, lawyers, etc., people often ask who actually shows up at the closing table for a real estate transaction. There are some folks who one can bet will be there for nearly every transaction. Others involved in the transaction may be there but are not required.
In our latest blog, we list the people who have a seat at the closing table when a closing takes place.
It’s no surprise that buyers will be at the closing. After all, they are the ones signing all the paperwork and taking possession of the property at hand. Their identities are always confirmed at the time of the closing to ensure they are indeed the appropriate party signing the documentation. That said, proxies can be assigned during real estate transactions, and that is handled well before the day of the closing.
The Buyers Agent
The buyer’s agent is almost always at a closing. They represented the buyers throughout the process and it’s their job to ensure that the buyer’s best interests are met at the time of the closing. Once the transaction is finalized at the closing, their job is done.
The Listing Agent
The listing agent who helped the sellers with their real estate sale will be at the closing. The listing agent ensures that their client’s best interests are met and that the transaction settles smoothly and as expected. At this point in time, they are paid their commission for their part in selling the property.
The escrow officer is an employee/representative of the title agency involved in the real estate transaction. They have helped to manage all the paperwork leading up the closing and are responsible for a smooth transaction. This includes ensuring that all parties are aware of each step of the process, what each party is signing, and ensuring that each document is properly executed and recorded.
Those Less Likely to Attend
The Sellers may be present at a closing, although their interests are already being represented by their agent, as mentioned above. Often, a seller may not be in the area to make a closing, having already moved out of the property they are selling. Alternatively, they might live far away but are representing an estate that they are tasked with settling, An example would be an individual selling their parent’s home after they’ve passed away.
A mortgage broker is not often present at the closing, although there are a few reasons why they may want to show. This can include a settlement which was particularly difficult to negotiate, or to simply meet/see the parties at the closing. Ultimately, however, they have no specific role at the time of the closing and most questions or issues involving the transaction at hand would have been handled before the closing was confirmed.
A representative from a law firm involved in the transaction may be present under specific circumstances. Their likelihood of being at the closing table increase if the transaction at hand includes a trust, if a probate court is involved in any way, etc. Otherwise, don’t anticipate the presence of any legal professional involved in the transaction.
In all, a closing should be a fairly smooth process. By the time the closing is scheduled and paperwork ready, all issues and questions would have been thoroughly uncovered and addressed. Other than the essential parties listed above, the others have satisfactorily completed their job so that the transaction can proceed without their presence at the closing table.
Principle Abstract is committed to representing the needs of the buyer. If you are interested in buying a home or refinancing, visit our website or give our office a call and a member of our team will be happy to answer any questions you have.