Timing at Closing for Signing and Funding of Transaction

Closings in olden times (over 10 years ago and prior) was most typically that parties, buyers, sellers, agents, etc., would all attend a signing at a single scheduled date and time.  In more recent years, and in the future I suspect, the needs and requests of parties have varied quite a bit more.  Parties are remote, parties want to come to sign on separate days or times and this is most easily facilitated by Law Firm Carolinas in part or whole due to our experience in handling transactions throughout the entireties of North and South Carolina even in locations where we do not have physical office locations. 

What all parties need to understand is that in order to fund most loan closings, lenders require the closing attorney to email signed closing documents for review prior to providing a funding number. The funding number authorizes the closing attorney to complete the closing and disburse the funds. Lawyers may not disburse funds, including sending wires for seller proceeds, agent commissions or any other closing statement funding items that might have been requested, prior to receiving the funding number and they most certainly may not hand out checks and ask people to hold them until notified that the funding number has been received.  Since many lenders take as long as 30 to 45 minutes (with some taking over an hour) to provide the funding number, it is always advisable in order to fund in a timely fashion that the buyer(s), if at all possible, are the last party to sign closing documents and those items are submitted to the lender as soon as possible immediately following that signing.

If you have any questions about best scheduling for your closing, please contact the paralegal assigned to your real estate file at Law Firm Carolinas.

Real Estate