Otherwise, the escrow will take on closing responsibilities, taking and disbursing all funds while explaining each document. “Witness only” closings are where an attorney or a notary will go to the closing location selected by the seller and the buyer to provide all of disbursement services and documents on behalf of the buyer’s lender, although, the attorney and the notary will not explain any of the legal effects of the documents, which includes the closing itself. Such closings will typically occur in the office of a licensed attorney.
WHEN THE CLOSING HAS BEEN COMPLETED
The closing process has been completed when the escrow has paid off all lienholders (such as seller’s lender) and service providers, paid the overall sales proceeds to the seller, placed the deed and the mortgage, if applicable, for the record of the country recorder of deeds, and gives all other documents for transfers to the buyer. Once the closing process has been completed, the seller must relinquish all possession of the home, and all keys to all doors, garage door openers, and any device or key which controls the home’s appliances and systems. Now, you will have already been expected to have your belongings removed from the home unless the house was vacant while you were going through the process of selling. Therefore, doing an additional walk-through of the home yourself, without an inspector, is ideal, so you can be sure all your loose ends have been tied up. This should be done before the buyer has the final opportunity to go through the home themselves to ensure the condition of the home has not changed since the initial sale agreement was signed.
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