All parties to a home sale have a lot at stake. Homes are valuable assets, so taking all available precautions when transferring titles and finalizing sales is key to the security of all parties involved in the transaction. That’s why there are so many rules around the closing process. Some rules concern the role of witnesses in home closing.
What is the role of witnesses at a home closing? Read on to learn more.
A home closing is the completion of the real estate transaction. It is where the parties transfer ownership, disburse funds, and execute the legal aspects of the deal. A closing has significant implications, and large amounts of money and valuable property are involved.
One vital witness to closing is a notary public. As a result, there are various security measures to protect all parties. Among those measures is the requirement for witnesses.
The law requires the services of a notary public for home closings. They are the most crucial witness to the signing. They are impartial and trusted to handle various aspects of the closing. A notary will verify the identities of different parties and ensure they understand their rights. The notary will also review the documents and make sure all parties sign and initial in the correct places.
If you want to learn more about the role of a notary in closing, you can read this post.
While a notary public is the most important witness to signing closing documents, that does not mean they are the only witness. Some transactions require more witnesses than just the notary. With more witnesses, you have more people who can attest to the legality and validity of the signing. In essence, having witnesses is an added layer of security. It is another measure to protect against fraud and coercion.
Witnesses have to meet specific guidelines in order to be eligible. For instance, you would want witnesses who are over 18 and of sound mind. The witness also can’t be a person with an interest in the transaction. A person with no interest will have more credibility if the signing ever comes into question. Additionally, the notary will need to verify the identity of witnesses. Along with that, the notary will also notarize witness signatures.
It depends on the jurisdiction. Most real estate transactions in Tennessee will not require additional witnesses at closing. A notary is usually the only witness you need. However, one party to the transaction may want the added protection of additional witnesses.
Do you need help closing a real estate transaction in Tennessee? Click here to contact the Title Group of Tennessee. We offer a comprehensive array of services to make closings easy and secure.
Thanks for visiting!