If you’re buying a new house, or you’ve decided on the perfect buyer to purchase your home, the transaction will come down to signing the house and title closing documents. In Southwestern Ohio, it is customary to have a roundtable closing. Below are four benefits to finalizing your home sale with a roundtable closing.
What Are the Benefits of Roundtable Closings?
1. One-Time Event
A roundtable closing determines a physical time and place to sign all the documents over to the buyer and transfer money to the seller. The buyer and seller will be present, as well as any legal representatives, real estate agents, title closing agents, and sometimes the lenders. This in-person event will allow you to review and sign all documents in one place. Additionally, you’ll see the involved parties face-to-face for this final and highly important stage of the closing process.
2. Finalize Last Details in Person
Roundtable closings allow both parties the opportunity to present any post-closing concerns as well as any concerns not addressed in the purchase agreement. The Purchase agreement is a binding legal document and the title company will adhere to those written instructions in order to prepare the documents for the closing. You can talk with legal representation and real estate agents together in one room. You will have a strict timeline to follow as the closer has a specific time allotted to meet with the parties.
3. Buyers Receive Keys
If you are buying a house in a roundtable closing, you will typically be holding the keys to your new house by the end of the meeting unless the purchase agreement states otherwise. Everyone will be present for the title closing, in which they will legally and officially sign the title over to your name. The lender will also be ready and have everything set up for you to finalize any mortgage documents to establish your new home mortgage. Should there be a last-minute glitch, the closer may be required to hold all disbursements and documents until the issue is resolved. This is called a “dry closing” or a “paper closing”. It is best not to schedule movers until the closing is completed and all are assured that there are no last-minute issues.
4. Sellers Receives Funds
If you are the seller in a roundtable closing, the title company will coordinate with you the best way to deliver the final proceeds once everything is signed and the meeting ends.
If you would like to learn more about roundtable closings, reach out to All Points Title & Closing, Inc. of Hamilton, OH. They have been helping eager buyers and sellers finalize the house and title closing process with title insurance since 1986. To learn more about their offerings, visit the website or call (513) 863-7600 to speak with a representative about a title search.