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Location of Closing

I paid for that mike!

–Ronald Reagan, 1984 Presidential debate

You’d think that the home seller — who’s invariably footing most of the closing bill, starting with the Realtors’ commissions — would get to choose where to hold the closing.

But by convention, it’s the Buyer’s call.

Why’s that?

I’d guess it’s because they have more to do.

Home Field Office Advantage

Especially if they’re getting a mortgage — true of most Buyers — they need to sign in a couple dozen places on their promissory note, mortgage, mortgage application, etc.

And that’s before even getting to the real estate paperwork (HUD-1, etc.).

Because of that, it’s typical for the Buyer’s lender to be present — in addition to the Buyer’s agent and closer.

So, the most convenient location is the office of the title company representing the Buyer.

By contrast, the Seller only needs to sign a few documents, and is most often accompanied by just their agent and closer.

In fact, given their more modest role, it’s relatively easy for Sellers (vs. Buyers) to pre-sign and skip the closing altogether.

When > Where

While there CAN be last-minute issues to resolve before closing — usually related to the Buyer’s walk-thru inspection — whose office hosts the closing doesn’t really have any strategic value (vs. home field advantage in sports).

By contrast, “when” can matter a great deal.

So, no last-day-of-the-month May or June closings (too busy), or end of the day closings that time of year (high risk of delays, just like planes later in the day).

P.S.:  What do Realtors call the Buyer’s agent, post-closing?

The selling agent (the agent representing the Seller is called “the listing agent”).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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