Loan closings for a
buyer usually take an hour to complete.
That is the time required to sign all of the lender’s documentation and
have closing attorney explain the import of each one, including, in particular,
the settlement statement. The purchase
of real estate is a major transaction, and settlement is the last chance to
raise questions; rushing through is ill-advised. The seller may or may not be at the buyer’s
settlement. In any event, the signing of
the seller’s documents should not take longer than 30 minutes.
The answers given above have been
prepared by the law firm of Jones & Walker, P.C. of Virginia Beach as
general guidelines to common questions.
These answers do not constitute specific legal advice. For a fuller explanation of many aspects of
real estate sales and purchases, visit Jones & Walker’s website: www.jonesandwalker.com.
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