Does Your Realtor Come to Closing? What to Expect
Is your realtor there at closing? Get clear answers on their role and what to expect during your property transaction's final stage.
A real estate closing represents the culmination of the home buying or selling process, marking the official transfer of property ownership. Many individuals involved in a property transaction often wonder about the presence of their real estate agent at this final stage. Understanding who attends and what roles they play can help clarify expectations for this significant event.
Realtor Attendance at Closing
Whether a real estate agent attends the closing depends on local customs, transaction complexity, and the preferences of the parties involved. In some regions, agents are present to offer support and answer any last-minute questions. In other areas, their physical presence may not be common.
An agent’s attendance is not a legal requirement. The closing process primarily involves legal and financial documentation handled by other professionals. Some agents may choose not to attend if the closing is virtual or if they have other commitments, trusting the closing agent to facilitate the process smoothly.
Realtor’s Role Before Closing
The work performed by a real estate agent occurs primarily before the closing date. Agents guide clients through the transaction, beginning with property searches or listing and marketing a home. They prepare and negotiate the purchase agreement, defining terms and conditions.
Before closing, real estate agents coordinate activities such as home inspections and appraisals. They work to ensure that all contractual contingencies, like financing approval or satisfactory inspection results, are met within deadlines. This includes liaising with lenders, title companies, and attorneys to keep the transaction on track and address any potential issues.
Other Attendees at Closing
Several key individuals typically participate in a real estate closing to ensure the legal and financial transfer of property. The closing agent, often an escrow officer or a representative from a title company, facilitates the signing of all documents and manages the funds. This individual ensures that all conditions of the sale are met before disbursing payments.
In many transactions, a representative from the buyer’s lender will be present or involved remotely to finalize loan documents and ensure the timely release of funds. Real estate attorneys may also attend, especially if involved in drafting or reviewing legal documents, or if state law requires their presence for certain aspects of the transaction. Both the buyer and seller must be present to sign the necessary paperwork and complete the ownership transfer.
Your Experience at Closing
As a buyer or seller, your primary role at closing is to review and sign numerous legal and financial documents. You will examine the Closing Disclosure, which details all closing costs and financial aspects of the transaction, and the promissory note, which outlines the terms of your mortgage loan. It is important to carefully read each document and ask questions if any details are unclear before signing.
The closing agent will guide you through the paperwork, ensuring that each required signature is obtained. Once all documents are signed, funds are typically transferred, and for buyers, keys to the property are exchanged. The deed, which legally transfers ownership, is then recorded with the appropriate county office.