Gene great post for what to expect at closing in your area. Like Lenn said it's a bit different in my area as well. We don't use attorney's for closings. I've never seen a selling agent at closing nor is it common for buyers agents to attend. Although I try to for as many as possible. Loan officer - not so much. Sellers and buyers sign at different times. It's interesting to see how it's done in other states. Really good information!!
Lenn: Funny how traditional services in one location are foreign in another. And I choose to attend my Closings, if at all possible. I don't feel my job is done until the Closing is successfully completed .. and I feel my attendance has proven beneficial in instances and kept a deal from veering off course. Just my personal preference and comfort level regarding my own services, I guess.
Anna: No matter the location, it's important to be educated about the process where you're buying. I'm hoping that my post shows that THAT education is important and what I advocate. And I think it proves you must find and rely on the services of the professionals you chose to work with. Their guidance and insight is so vital to your success ...
Gene
Gene, I am aware of how things are typically done in Illinois (I do have an Illinois Managing Brokers License) and yes, the ways of doing business does vary. Here in Alabama the closing usually takes place with a closing attorney representing the lender. Good loan officers are in attendance, but not necessary...as Ann said...I like them at least on call. Generally with new construction the seller does not attend...case by case. The process takes about an hour...the longest closing I attended here was about 3.5 hours because the buyer read every word of every document he signed....I didn't mind, but the closing attorney and sellers had a problem, because of back to back closings. Great info for buyers and sellers...Suggested!
Nick: Very interesting to find what is tradition and expectation in differing areas of the U.S. And it's good to know that you have your license in IL too. You just never know .. right??
John: You're welcome! Hope it proved beneficial ...
Gene
Gabe: Interesting for me. I'm surprised that more aren't in favor of Lenders being in attendance, given the current issues surrounding lending. I guess it's all what you're used to ...
Gene
Gene:
Great information on mortgage closings in the Chicagoland area. Since we prefer that attorney's are involved in closings it's not a requirement but we are more comfortable when they handle this section at the title company.
You are one of the few lenders that actually show up at closing which can be a lifesaver if anything breaks down as things have a tendancy to do in today's environment. Have marked it and sent to a potential buyer to give them an idea what to expect when they close.
Always interesting to hear about how closings are handled in other parts of the country.
Evelyn: Thank you so much for your kind and gracious words. You know that I always enjoy and look forward to working with you and your clients. Hoping that we find ourselves in that situation once again soon. I appreciate you passing the post on to your client and hope you always feel free to do so again and again in the future. Talk soon ...
Barbara-Jo: I guess I have my own expectations regarding the service level I think I should offer and perform. I wouldn't feel right about missing a Closing, in most cases. And I have seen where it served a purpose for me to be in attendance. In Chicagoland attendance is not rare, though not all lenders choose to be at Closing. Funny how differing regions have such different expectations and traditions ..
Gene
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WHAT A DIFFERENCE 1200 MILES MAKE!!
Things are a bit different here.
All borrowers on the loan. YES.
Attorney(s) for Buyer and Seller. NO. We are not attorney states.
Realtors for Buyer and Seller. About 80% of the time for seller’s agents and 95% of the time for Buyer’s Agents.
The Loan Officer, Rarely attends. I do want them on call.
Title company Closing Agent. Of course.
Seller(s), If they need to sign.