Reprinted with permission from Kathleen J. Hopkins and Evan L. Loeffler, Real Estate Closing Deskbook (3d Ed. 2012), at 47-48, 58-67. Copyright © 2012 by the American Bar Association. Reprinted with permission. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.
The Closing Ceremony1
Overview of the Closing Ceremony
The purpose of the closing ceremony is for the lawyer to explain the closing papers, obtain the necessary signatures, and collect and disburse the funds. When this is accomplished, the sale and/or loan will be consummated. If the lawyer is fully prepared, most residential closings will take 30 minutes; the more complex the closing, the longer it will take. Preparation is the key.