aWhat is witness closing? This question might come up when you are in the process of closing on a home. Real estate transactions can be complex, with different parties needing various accommodations. Unexpected circumstances often come up, which could require flexibility. A witness closing is one way to make the closing process more flexible.
This post will take a closer look at witness closings and how they help accommodate buyers and sellers. Read on to learn more!
Finalizing the closing of a real estate deal can be complicated. There might be many parties involved. Under the best circumstances, you want all parties to finalize the deal together. However, this isn’t always possible. When buyers and sellers can’t meet at the same time, a witness closing can be a good option.
With a witness closing, the parties sign paperwork separately. For example, the buyer may be unavailable on the closing date. In that case, the title company can send them the documents early. The buyer can sign and have the documents notarized and send them back. The notary is the witness who affirms that the buyer has signed the documents.
Most witness closings only require the notary as a witness. The signer generally will not need to find additional witnesses for the closing. However, one of the parties can request additional witnesses. For example, the lender might want the added security since the signer can’t be there on the day. In that case, there would be additional lines for witnesses.
The services of a notary will be necessary for facilitating a witness closing. Banks and many parcel services offer notary services. It’s also easy to find local notaries online. Online notary services can also be a convenient way to handle witness closings. Your title company can help you complete a witness closing. They could even arrange for a notary to go to your location.
A title company can make the process much easier. They can gather all the documents and ensure they reach the various parties in time. Once they have the notarized documents, they can also finalize the transaction. Your title company can also arrange for notary services and return shipping.
Do you need help with a closing in Tennessee? Click here to contact the Title Group of Tennessee. We offer a complete range of services to assist with home closings. Our team can make the process quick, easy, and secure.
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