Princeton Town Topics – Let’s Talk Real Estate – June 19, 2024
WHAT TO EXPECT AT THE CLOSING TABLE
The closing of a real estate transaction is a pivotal moment where buyers and title company representatives traditionally gather with sellers, agents, and often lenders around the table. However, since the pandemic, safety precautions have led to a shift in this practice. Nowadays, typically only the buyers and the title company are physically present, while others may participate remotely or sign documents beforehand.
During the closing, essential legal documents like the deed and mortgage paperwork are signed and notarized. Financial transactions, including closing costs, down payments, and loan disbursements, are processed to finalize the property transfer. The title company plays a crucial role in collecting and verifying these funds before ensuring they are transferred securely to the appropriate parties. This ensures all financial obligations are met according to the terms of the agreement.
Despite changes in attendance, the core purpose of the closing remains unchanged: to ensure all legal and financial obligations are met smoothly and securely. This adjustment reflects broader adaptations in the real estate industry to maintain safety while still facilitating the essential steps needed to complete property transactions effectively.
