The Changing of the Guard at the Closing Table

By
Real Estate Agent with Monument, Black Forest, Falcon, Fountain homes

selling your home

 

In Colorado the norm is to have the sellers, buyers, lender, and both agents at the closing table together. It's not done that way in many states where groups sign at different times and I think something is lost in those areas of the country.  Depending upon the circumstances it happens here too: no sense putting Mr and Mrs newly divorced together in a small room or those folks that fought over the washer/ dryer until the end, but the norm is to all meet together and typically this is a pleasant situation and brings a sense of finality for a job well done.

 

I enjoy this interaction especially the opportunity to meet casually with the other agent involved.  Today was such an occasion and as the closer diligently handled the shuffling of paperwork, I had an opportunity to lean over and thank the other agent for such a professional transaction.  It's a time to share strategies and lessons learned knowing each has done their job to perfection when success for both parties has been accomplished.

 

real estate closing

 

The closing is also a great opportunity for sellers to remind buyers of little idiosyncrasies of their home, answer last minute questions, and see who the new caretakers are going to be of the place they so lovingly cherished.  Buyers love to ensure sellers that they will carry the torch and maintain the property to the current level and beyond, share their future plans and dreams, as well as allow that moment of closure for the seller before their next endeavor.  The exchanging of keys is a visual transition between owners that occurs at the closing table and can be one of the most positive memorable experiences for both parties leaving no doubt in this Realtor's mind that we have something special here with the way we have the Changing of the Guard at the closing table in Colorado. 

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Rainmaker
1,146,689
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

We do closings together like this too in MN but with the bank owned ones its normally the buyers and buyers agent.

Apr 19, 2011 05:19 PM #1
Rainmaker
313,528
Glenn Roberts
Retired - Seattle, WA

I've never had that experience, Lorraine, either in Minnesota or here in Washington. And it's quite all right if I don't have to learn any new tricks. Here, most brokers and office attorneys tell their agents not to go to the closing. It's escrows job to explain their paperwork. But our office is different and we go to further bond with the folks you spent a great deal of the last 90 days with. I think my clients like it. I like it, but I don't think buyer and seller need to be there at the same time.

Apr 19, 2011 05:21 PM #2
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

I try to make bank owned closings special for buyers especially first time buyers.  It helps that our lenders attend so it doesn't seem quite so cold and impersonal. 

Apr 19, 2011 05:25 PM #3
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Glenn I definitely see the pros and cons of both practices.  Thank goodness I've never had a bad experience although I've heard stories.  I guess I really enjoy the jovial atmosphere when both parties get along and I agree it's a time to further bond with my clients. 

Apr 19, 2011 05:29 PM #4
Rainer
178,296
Trang Beuschlein
Homes for Sale in Campbell CA- Broker-BKR Realty - Campbell, CA
Campbell CA Real Estate - Campbell CA Homes for Sa

Lorraine, in my area the buyer's and seller's signings are separate.  I always attend the signings for my clients and when I represent buyers, I have never seen the lender/mortgage broker attend.

Apr 19, 2011 05:30 PM #5
Ambassador
2,358,441
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Lorraine.

    We have the same tradition in Florida.    It gives a sense of Finality; everybody who has been involved gets to meet Face to Face.

    Exceptions would include transactions where there is animosity between the Parties, or perhaps a bitter Divorce.   In those instances, the Title Agent or Title Attorney can schedule the Sellers and Buyers to come at different times, to avoid Conflicts.

   Also in Florida, it is not common for the Lender to be present.

  99% of the time  it is a Pleasant Occasion.   We take photos; hugs and handshakes are exchanged.

 

Apr 19, 2011 05:30 PM #6
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Trang my sister who is an agent in NM has the same scenario as you and she likes that. I guess it comes down to what we are used to. 

 

Fred  we always give our Title company direction as to what type of closing we need depending upon situations especially divorce closings.....ugly.  I recently had the ex wife not show up just to get even with ex hubby.... closer and listing agent had to hunt her down to get signatures!  That was interesting.  Since you meet together in Fla your lenders are missing out on gaining new clients.  I encourage my lenders to hand out business cards to other agents at closings because a job well done is appreciated by both agents and it usually gains clients for the professional lenders. 

Apr 19, 2011 05:38 PM #7
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Rainer
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Lorraine Sayer

Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX
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