Special offer

It was an old fashioned settlement!

By
Real Estate Agent with RLAH@Properties AB95346

Today, something happened that is rare - a settlement on a pretty condo with an attorney, the buyer, the buyer's agent, the sellers and me, the listing agent, all sitting around the settlement table at the same time.

We sat around the table, passed papers back and forth, shared cool stuff about the building and the neighborhood restaurants, And then there was the passing of the keys.

It was nice!

At one point, the title attorney noted that we don't see these "old-fashioned" settlements much anymore. The sellers are often on another continent and sent in a power of attorney.  A lot of agents "don't do settlements" these days.  At the most, they send an assistant - settlements are not considered to be revenue generating events, even though it's when everyone earns their brokerage fee.  

And I have to say, it was fun.  Buyer and sellers had the necessary disclosure forms and by the time they arrived at the attorney's office had gone over them and had any questions answered.  

It was the buyer's day, as she settled on her first place.  This is one of life's big milestones, and she seemed to be enjoying it a lot.  

And you know what?  I enjoyed it, too.  

I remembered my last "old-fashioned" settlement.  It was where they guy who bought my listing was the best knee surgeon - possibly on earth, and he changed my life.  During a lull, his agent mentioned that we should know each other - "Pat, you have really crappy knees.  Mark fixes really crappy knees!"  He turned out to be the guy who teaches knees at Georgetown Medical School, and he sure fixed mine!

So yeah, I'm a fan of old-fashioned settlements.  Sure, I could have spent the hour or so showing houses to new clients or trying to get a signature on another listing agreement.  But I dunno.  I think this was time really well spent.

But I'm old fashioned!  Or at least old!

 

Comments (12)

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I had a closing today and even the sellers attorney didn't show up.  It must have been too small a deal to justify his presence

Oct 27, 2016 12:39 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Pat

Sounds like a really pleasant way to transition the home from seller to buyer, and all very amicably! We don't do closings around a table out here on the Left Coast, and while I like out efficiency, there were some closings around the table back in Boston that were pretty darn enjoyable. Congratulations to all!

Jeff

Oct 27, 2016 01:13 PM
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Patricia Kennedy That sounds really nice! Times have changed, haven't they?!

Oct 27, 2016 02:33 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

My smooth sailing at closing is a lot different than yours Patricia Kennedy 

Oct 27, 2016 02:56 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Ed, now the seller's attorney didn't bill them, did he?

Oct 27, 2016 03:00 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Jeff,  I think in a lot of ways the settlement is an indication of the entire transaction.  

Oct 27, 2016 03:01 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Todd and Devona, they sure have!

Oct 27, 2016 03:02 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Patricia Kennedy - we do see some 'old fashioned closing' in our area.

It's still around....

Oct 27, 2016 04:05 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Almost all of our closings are still the "old-fashioned" kind! And the funny thing is, I'd love to NOT all meet at the same table.

Oct 27, 2016 08:42 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Patricia. Most closing are this type in New Jersey. When title agents are involved it is simply an extra expense for the buyers. Glad about you knees.

Oct 28, 2016 02:36 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Pat, We're still old fashioned in my corner of Ohio.  MOST are as you describe them.  Monday's closing will be different, buyer has already signed, sellers are going to closing first thing in the morning and I had a schedule conflict so I won't make it.  Not my norm, but I needed a clone to be everywhere I needed to be and sellers were okay with me just being "on call" if they need me.  Occupancy isn't until mid-November, so not as critical to be in attendance.  Bill

Oct 28, 2016 02:58 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Pat - That's how we do it here most of the time, minus the attorneys, who aren't typically involved in our transactions. And it has usually been a fun experience for everyone.

Oct 28, 2016 05:57 AM