| The participants at a real estate closing will differ from | | | | The title insurance company will make sure all |
| state to state and perhaps even county to county. | | | | mortgages are paid off and there are no liens against |
| The two participants you can count on being at the | | | | the property. The person at the closing will also issue |
| closing (or represented at the closing) are the buyer | | | | the official title insurance policy that protects the bank |
| and the seller. | | | | and the buyer. |
| Who Attends the Closing? | | | | Real Estate Agent(s) |
| In addition to the buyer and the seller there is typically a | | | | The real estate agent(s) at the closing are primarily |
| representative from the bank, the title company, and | | | | there to collect their commission, but they will also |
| the real estate agent's office at the closing. In some | | | | assist the buyer and the seller in completing the |
| states, like New York, there will also be attorneys for | | | | transaction. The real estate agent can prove helpful if |
| the buyer and the seller present at the closing. | | | | any issues arise with adjustments or related issues |
| The role of the seller is obvious. The role of the buyer | | | | that impact the transaction. |
| is obvious. But what about the roles of the other | | | | Real Estate Attorney(s) |
| players at the closing? | | | | If there are attorneys present, keep in mind that each |
| The Lender | | | | attorney represents their client. Though everyone is |
| The role of the lending institution is to ensure that the | | | | working as a team to complete the transaction, it's still |
| mortgage documents are properly signed and the | | | | wise to know who has what interests at heart. |
| funds are distributed. Some lenders will use the title | | | | Who Runs the Show? |
| company representative to handle this on their behalf, | | | | The bank representative and the title company |
| others will use a representative specifically from the | | | | representative will dictate most of the action at the |
| bank, while other lending institutions may have | | | | closing, ensuring all documentation has been properly |
| attorneys handle their closings. | | | | executed and the transaction was completed. The |
| The primary focus of whoever is representing the | | | | bank representative will also be the one dispersing the |
| bank is obviously to protect the interests of the bank. | | | | funds on behalf of the buyer to the seller. |
| But the representative also wants to see the loan | | | | Conclusion |
| close, so think of yourselves as members of a team, | | | | As long as you keep in mind that everyone in the |
| not opponents. | | | | room has the same goal, yet each has a different |
| Title Company Representative | | | | area of focus, you will be able to enjoy a smooth real |
| The tile insurance company will have a representative | | | | estate closing. |
| at the closing to make sure all the terms and conditions | | | | * Copyright 2006, Brandon Cornett. You may republish |
| (often referred to as exceptions) of the title policy are | | | | this article if you keep the byline and author's note, and |
| satisfied, and that the deed is properly executed. | | | | also leave the hyperlinks active. |