What should I expect at the closing table?

69289_10151470081649630_1622158033_nIn recent years it has become customary for all parties to come to the closing, be seated in a conference room and for each party to listen as the attorney reviews the documents needing signatures.  Personally I’m not a fan of this format.  For buyers and sellers that I represent, it is a preferred practice for the buyer and seller to meet privately with the attorney to review documents specific to their individual portion of the transaction.  This is beneficial in many ways.

  • Buyer feels free to ask any and all questions
  • Seller can converse freely about other matters or enjoy the company of their agent without distracting the buyer’s hearing/understanding
  • Seller can arrive at the closing at a later time as the buyer’s document package is typically much more extensive and time-consuming
  • Buyer and seller can indulge in conversation “post closing” to ask any last-minute questions or give well wishes

It is important when in the negotiating phase of the transaction that you consider attorney selection if both buyer and seller will attend the closing.  Not all attorneys can accommodate separate facilities.  Leaving the closing with an understanding of financial requirements and the satisfaction of a successful sale is our ultimate goal.

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