Location:  The closing will typically take place at the closing agent’s office.  Arrangements can be made to hold closing at another location if needed. 

Who Attends:  Closing agent, buyer, seller, any realtors, mortgage broker, and legal counsel if representing any party to the transaction.

What Takes Place:  The closing agent will explain the closing statement (HUD1) as well as any other closing documents, such as the mortgage that varies in length depending on the lender.  When all of the documents have been signed, including the deed, and the buyer has given the cashier’s check to the closing agent, the seller will receive his or her proceeds from the sale.  All other disbursements will be made, (examples: existing mortgage, realtors, and mortgage brokers) at this time also.  Please be aware that you will be required to sign multiple copies of some documents.  If you choose to review any closing documents prior to closing, please advise us in advance so that we may accommodate you and your client without holding up the closing. 

After Closing:  Closing agent sends the original deed and mortgage to the courthouse for recording.  The completed loan package is sent to the lender.  All remaining funds are disbursed according to the settlement statement.  The owner’s and lender’s title policies are issued when the deed and mortgage are returned to the closing agent after recording.  Once you receive these documents you should then go file for any homestead tax exemptions you qualify for.