Closing scheduled sellers have preparing for the day where they are going to hand keys over to the buyer. What should they expect? They're going to be doing a lot of things on that day of closing.
First of all is the house cleared out right? Are we getting keys at the closing is their possession after the closing all that kind of thing? And then what's going to happen at the closing? What do they have to bring to the closing? Well simple things right? We need IDs because you're going to be signing documents that are going to be notarized. Someone's got to verify your identification. Right?
So we've got that sometimes sellers have to bring money into the table if their mortgage exceeds the value of what they're selling it for. So there's a whole list of things that they should be getting if it's jointly own husband and wife or a partnership. They might have to bring the other person in to clarify the right questions around that and then when they get to the closing they're signing deeds to transfer the property, they're signing closing statements.
There's a number of documents that the sellers have to sign — typically a lot less than the buyer. The buyer is typically sending mortgage documents and their package seems to get thicker every single year. Whereas for the seller that sometimes can be a little anti-climactic because they're just not sending that many documents and then of course at the close and they would be accepting expecting a check or wire transfer or something like that for the proceeds. As with everything the seller has the opportunity to review all these documents in advance, of course.
So as we mentioned, the buyer shouldn’t learn anything at the closing table. The seller shouldn't either. The seller should just be showing up in front of a notary providing like you say that identification and any last-minute documents that we requested or any other party requested and sign in sign and go with your check and off to life's next chapter in one of the challenges. We're seeing more and more sellers and buyers aren't always coming to the table at the same time. So another the other thing the seller might want to know is when is the buyer is signing. Right, if the seller walks in and the buyer hasn't showed up to their closing yet, which means they haven't brought their funds in which means the lender hasn't provided their funds yet. The seller is signing documents and may or may not be walking out of the closing. So all these things have to be considered in the timing of your funding as you're handing the keys. You're basically handing the key documents and the keys and the deed questions. What are you getting back and you're going to be getting back the proceeds and assurances from the title company that they're off your mortgage. They're paying the taxes and the like.
