Home Buying in Staten Island>Question Details

Sixpackerin, Home Buyer in Staten Island, NY

In NYC. Who attends the closing? Does both the buyer and seller attend together? Do both purchasers of a house have to be at closing at same time?

Asked by Sixpackerin, Staten Island, NY Fri Apr 2, 2010

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Yes, everyone will be at the closing table--sellers, buyers, attorneys, etc., unless of course if either party cannot attend, then whoever has power of attorney can sign all related paperwork.
0 votes Thank Flag Link Fri Apr 2, 2010
Sounds like you are not getting along with the sellers, and would rather not cross paths with them. If they feel the same way about you, they can sign the transfer docs in advance, and give their attorney Power of Attorney to sign the HUD1 for them. That is the only mortgage related document they sign.
Otherwise, the closing room at a NY closing is surely the most crowded of any state. The buyers, sellers, each of their attorneys, the bank attorney and the title closer are all generally at the closing at the same time. Not to mention the realtors and sometimes the loan officer. In the old days, the sellers and their attorney could just come at the end, sign the HUD1 and get their money, if all adjustments between buyer and seller are worked out in advance. These days, all banks must approve a signed HUD1 before they allow funds to be released, so coming early in the closing is the smart idea. Banks and RESPA laws have changed, so although a pre-HUD is prepared the day before, there always seems that something changes slightly at the last minute and they need to approve it again, signed. The buyer is the only one who signs the other hundred of papers that are in the normal bank closing package.
0 votes Thank Flag Link Fri Apr 2, 2010
In general the buer and the seller have to attend the closing, not necessarily at the same time and sometimes not even in teh same room, but most of the time at the same time at the closing attorneys office or other place specified in your contract. The buyers will have their papers to sign as well as any mortgage and teh sellers have their own specific paperwork to sign to transfer the property. i hope this helps.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Apr 2, 2010
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