Closing for Seller. Closing for Buyer. (RE agent, documents, property, attorneys)

[jbless]

Please answer (A) for Seller (B) for Buyer

I am both selling my current home and will be purchasing a home in a few weeks.

What are the most important factors including what is in the HUD-1 to look for when Closing?

Are most Title Companies agreeable if you want legal counsel with you?

Why do Buyers and Sellers go at different times?

Thanks!!!!

[Rakin]

Originally Posted by jbless

Please answer (A) for Seller (B) for Buyer

I am both selling my current home and will be purchasing a home in a few weeks.

What are the most important factors including what is in the HUD-1 to look for when Closing?

Are most Title Companies agreeable if you want legal counsel with you?

Why do Buyers and Sellers go at different times?

Thanks!!!!

Do you not have a RE Agent?
Closing statements are all pretty basic and after you've looked at a few they are easy to explain.
The Closing person should take the time and go over the HUD with you.
No problem on the legal counsel but very few people use them.

There are several reasons for separate closings.
Sometimes the transactions don't go smoothly and there can be hard feelings.
Mostly, there is personal and confidential info that the other party does not need to know.
We do not use closing attorneys here like up north. They like to have everyone at the table. No need for that here.
A seller only needs about 30 minutes and a buyer needs 60-90 minutes. No need to make the seller hang around.

[jackmichigan]

For the vast majority of closings I've done here in Michigan, both Buyers and Sellers have been at the closing. But here, the Buyer picks up the keys and receives the Deed to the property (although the title company usually takes it in to get recorded). There is really no need for the Seller to be at the closing provided they have completed all of the paperwork ahead of time--including executing the Deed. But most Sellers like to be at the closing so they can pick up their check. Again, this is more how we do things in Michigan.

I suspect it's the same everywhere that you can bring whomever you want to the closing, including legal counsel.

[Rakin]

For the record OP was originally in the Texas forum and lives in TX where Buyer and Seller do not close at the same time.

[NinaN]

Things to look for on HUD 1 statement:

Verify closing costs have been split according to the contract.
Verify there are no expenses on the HUD1 that shouldn't be there. It is usually corrected before being finalized, but I"ve seen costs for mobile notary that wasn't done, costs for pest inspections that were paid outside closing, etc.
If you're getting a loan, verify the closing costs and credits match what your lender promised...though prorated costs like interest, taxes, and payoff will vary based on the actual date of close.

My experience has been that the closing company always overestimates the prorated costs by a few hundred dollars. That way they can make sure they have enough money in hand to close, then they send you a check for the overage after all has been finalized.

If you bring legal counsel and they want to read everything while there, it will be a long close and an expensive meeting. Better to get a copy of all documents you will sign before the closing and have your attorney review them prior to close. Ask your attorney which items are needed - the preliminary title report, the deed, and the purchase contract are the ones I've had requested most often, and you can get them to your attorney long before the close.

TX is not a state where legal cousel is customary for RE transactions.