We are going to let you in on a little secret. Sellers do not need to attend the closing when they sell a property. In fact, many attorneys would prefer that sellers do not. Here’s why:
1. Small talk between the parties can be downright scary. We recently worked with a buyer who, mid-closing, asked the seller why there were coffins in the basement. Yes, you read that correctly. COFFINS.
It’s safe to say that it was a pretty scary few seconds until the seller gave a “reasonable” response. While this question is a once in a lifetime, small talk between the parties always has the potential to derail a transaction and nobody wants that to happen.
2. In most cases, the seller leaves the closing table without a check in their hands (unless the closing happens at the Registry of Deeds). The transfer of ownership needs to be “on record” before the seller receives a check or wire for their proceeds. Recording may take a couple of hours, especially where some lenders require authorization prior to filing documents at the Registry and (electronic) recording takes a little while to process.
3. Your attorney can sign documents on your behalf with a Limited Power of Attorney. By having your attorney sign for you, your time can be spent signing documents for your next home, working or having coffee with a friend.
A Limited Power of Attorney allows someone to act on your behalf for a specific transaction or purpose. By contrast, a Durable Power of Attorney allows someone to assist you more broadly with legal and financial matters.
As always, please let us know if you have questions about this topic, need representation in the sale or purchase of a home, as well as any other legal matters.
If you are interested in this topic, you may enjoy this article :
John and Faye