Round-table. Rectangular table... usually the closing table is more of an oblong or oval shaped table, that way if there are extra people at the closing you can kind of wedge 'em in where they fit, on the buyers side or the sellers side.
The Closing
Usually... not always but usually in Central Ohio we all sit around that table, no matter what the shape. The buyers, sellers, real estate agents, attorneys, title company representatives... sometimes a lender or two... sit around a table while the closing documents are signed by buyer and seller.
Different parts of the country, different kinds of closing. With relocation to Central Ohio people from all over who are used to different kinds of closings... Real Living's information on Closing and Moving in for buyers* has to be vague... Real Living is in many different real estate markets. Real Living says:
"Depending on the city in which your new home is located, your closing may or may not include the presence of the seller. In some areas, all parties come together in what is called a round-table closing. In other areas, buyers and sellers complete the process through individual appointments. Your Real Living agent can tell you which experience to expect at your closing."
Real Living HER is Real Living in Central Ohio... we do a round-table closing. Sometimes buyer and seller can not be together for the closing... but usually this is how we do it in Central Ohio.
When I read nightmares about closings in other parts of the country... I always think thank goodness we do it round the table. Yes I am sure a con-artist could play the part at a closing... we've had plenty of mortgage fraud in Central Ohio... Florida Nightmare... explaining a post from the day before about the closing notary running off with closing documents.
You hear the stories about the closing that did not happen everywhere because he brought the girl friend to closing rather than the wife... ooops.
Once long ago I went to a round bed closing... no the bed was shaped normally. It was in a hospital room. Maybe someday I will tell you about it.
More about closing and title on my website MaureenMcCabe.com - Title and Closing
Image Credit - The round table image is from tracyhunter's Flickr stream. The image is used to represent a "round" table... there are no knives, forks or stemware at the typical real estate closing in Central Ohio. The photo is licensed with a Creative Commons License tracyhunter allowed commercial use of this photo.
Edit January 2011 - I apologize to anyone using an RSS for this appearing. Old links forwarded to Real Living HER rather than me had to be fixed. Why "http://www.realliving.com/Agent/AgentProfile.aspx?id=2030 " would not forward to me? We are still sitting round a table a year later... closings did not change drastically in 2010...
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This post provided by Maureen McCabe of Real Living HER
Contact 614.388.8249
Website: MaureenMcCabe.com
email: MaureenatMaureenMcCabe.com @
Information is deemed to be accurate but should be verified to your satisfaction. Information provided herein is supplied by several sources and is subject to change without notice. Opinions expressed are solely those of Maureen McCabe.
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We do closings with the buyers on one side and the sellers on the opposite and the atttorney at one end and the agents beside their clients.
I've only had one closing where they couldn't sit in the same room. A rather difficult one it was.
It's interesting that closings happen differently depending on the state. I had a power of attorney to sign for my parents on the sale of a condo in NYC and was so surprised to find that the settlement statement was calculated and filled in right there at closing. Here in Florida, they're provided prior to closing so everyone has a chance to review them and show up ready to sign at the closing table. It wasn't bad, just interesting to note. But I guess it would have been a lot faster if the darn thing had been approved prior to arrival.
Lenn NPR had the story of demise of cul-de-sacs in VA on this afternoon when I was in the car, so I thought of you. They also did a story on cul-de-sac communes in LA... made me think of Cheryl Johnson... not that I've ever seen her blog about cul-de-sacs or communes.
Closings happen different within the state here Maggie. I believe they typically do escrow closings in Cleveland. Somehow before I got my license the way you describe in NYC is what I was imagining... in fact I am sure I got that impression from a RE class. Isn't it a federal law that the consumers have the right to the HUD 24 hours in advance? Of course it only has to be as much as they have available? No package from the lender, HUD with not much of anything on it...
Hey Maureen,
This is excellent information for buyers who always ask what happens at closings and where do they have to go. I do not think that visually it is as traumatic as they think when you explain it in the manner that you did. You did a great job in explaining who is at the table and how closing occurs.
Hi Maureen... Here in Dallas we do separate closing appointments for the buyer and seller. Most of the time they never even meet each other (unless their appoints happen to be back-to-back and they run into each other in the lobby area of the title company). Having personally had closings in NY where I sat across from the seller or buyer it seemed odd at first, but it really works just fine.
Closings are a "When in Rome " thing...