1. What actually happens at the closing?
Answer - Typically buyers and sellers, their repsective agents, a real estate closer, a mortgage closer and sometimes
the loan officer and/or an attorney for buyer or seller will all meet together for a closing. The room can get quite crowded!
Buyers will sign mortgage documents for their new loan, sellers will sign conveyance documents, and both parties will sign documents provided
by the closing companies. The actual list of documents varies from closing to closing. Once all documents are signed, the closer collects
monies from the parties and distributes monies according to the purchase agreement terms. The closing company will make copies and distribute
them to parties as required. The entire process usually takes between 45 minutes and 1 1/2 hours. In Minnesota, funds are normally disbursed at closing, unlike other states
which close in escrow.
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