The closing time and location are typically coordinated by the Closing Agent and both parties’ Real Estate Agents. The Closing Agent will conduct the actual closing. On purchase transactions where financing is involved, the loan package and closing instructions are a prerequisite to preparing the Settlement Statement.
The Closing Agent will explain the documents to the Buyer and/or Seller at closing and notarize their signature. Upon completion of the signing by both parties, the Closing Agent most likely faxes or emails several documents to the Lender to acquire funding authorization. The Lender reviews the closing documents to confirm that they are properly executed and meet the Lender’s requirements.
Upon funding authorization, the Closing Agent coordinates the handover of keys and distribution of funds to the Seller, Real Estate Agents, and any other appropriate parties.