Finally reaching the closing stage is an exciting time for both buyers and sellers of real estate. It’s the final step in officially transferring the ownership of a property to the purchaser and handing over the keys.
Typically, the buyers and sellers will meet in person with their closers and real estate agents so that all involved parties can sign the necessary documents. Of course, in an ideal world, everyone’s busy schedules would magically align and this would be a simple procedure. Sadly, closings don’t always work out this way.
The Benefits of Sellers Pre-Signing Before Closing
Closing dates for home sales are usually established in the purchase agreement, which gives everyone the opportunity to look at their schedules early on and commit to an agreed upon date. Life doesn’t always cooperate with our plans, however, and there are times when something comes up and one party or the other can’t be present at the closing.
If it is impossible for everyone to meet in the same place, or if either party cannot make the designated meeting time at the last minute, the closing does not have to be stalled if the seller has already signed all of the closing documents.
For sellers, it can also be advantageous to pre-sign all necessary documents to expedite the funding process on the day of closing. Although it is often thought of as customary for sellers to wait to sign until after the buyer has signed, this is unnecessary and can delay the process. Often, the buyer is funding their purchase with a loan, and lenders will not approve the deal until they have reviewed and approved the seller’s deed, CD and other documents.
ITC understands that many sellers are waiting for their sales proceeds to fund the closing on their new residence, and we do everything possible to make sure that sellers receive their proceeds in a timely manner. Presigning is an easy way to expedite the process and ensure that sellers receive their proceeds check as quickly as possible. Once the buyer has signed all of their documents, all the funds are received and the lender has approved the funding, our closer is ready to disburse the sellers’ proceeds.
A final benefit of presigning prior to closing is that it frees the seller from having to come in on a busy moving day just to sign closing documents. Moving day can be stressful, so why not check a task off your to-do list ahead of time by already having your documents signed and ready to go?
ITC can provide you with a Durable Power of Attorney, which authorizes a third party that you have designated to execute all of the closing documents on your behalf. Please let your closing team know in advance if this is something that you require and we can assist in sending you the document with all of the necessary signing and notary instructions. Keep in mind that any documents that will be present at the closing have already been available for you, the seller, to see and review ahead of time. Even if you plan to be present at the closing table, it’s still a good idea to pre-sign just in case something comes up!