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Frequently Asked Questions?
If it’s a cash closing and there are no issues, the actual closing takes about an hour. If there’s a mortgage involved, then it depends on the buyer’s attention to the documents. On average, the actual real estate closing will take an hour to two hours if there is a loan involved.
In terms of how much time a closing agent needs to get a file ready to close (meaning, the amount of time between the time he or she is hired and the actual closing), that answer depends if it is a cash deal. A cash deal can close within two weeks, and likely one week if pushed to do so, but the answer will depend on the amount of due diligence the buyer wants to perform.
The closing agent, whether it is a lawyer or a title company, is responsible for an accurate and proper closing. If there’s a mortgage involved, the lender has responsibilities as well. For example, the lender must make sure that the numbers on the good faith estimate match the numbers on the closing disclosure. The title agent must make sure the money is collected and the money is correctly dispersed and that all of the title insurance contingencies are cleared and the lender’s instructions are followed.
Cleared to close typically means that all of the contingencies in the lender’s loan instructions have been cleared by the closing agent. Normally, the closing agent receives the loan closing package with a large set of instructions. The transaction is cleared to close, and the money can be dispersed, when the closing agent performs all of the tasks listed on the instruction sheet and forwards confirmation to the lender. At that time, the lender will convey to the closing agent it has the authority to disburse the loan proceeds, which are wired to the trust account of the closing agent.
All parties will bring their driver’s licenses for identification purposes. The seller brings the seller documents along with the keys. He or she may also bring clickers, entry cards, mailbox keys, or any other ways needed to access the property. The buyer brings any money due.