Everything You Need to Know About Closing at South Oak

How long does a typical closing take?

Every closing is different, so it’s impossible to tell you exactly how long your closing will take. But we can tell you that just about every closing is completed in thirty minutes to an hour.

We don’t want to waste anyone’s time, so we’ve developed processes to keep our closings organized and efficient. But we also want to leave plenty of time for clients to review their closing materials and ask questions. We never want clients to feel like they’re hurried along during their closing. For scheduling purposes, it’s best to plan an hour for your closing appointment.

What happens during closing?

Closing is the final step in the real estate transaction. Documents are signed, funds are delivered, and ownership is transferred from the seller to the buyer. Your closer will walk you through the entire process and will work hard to make sure your closing is enjoyable.

Although particular details will vary at each closing, all real estate closings follow a similar process.

1. Collect identification. We collect a state-issued photo ID from all parties to verify that the right people are present and that everyone is who they say they are.

2. Review the settlement statement. This statement identifies all of the closing costs, fees, disbursements, and the parties who are responsible for each. This is also known as a closing disclosure.

3. Review and sign all other paperwork. Your closer will review and gather signatures for all other paperwork, including the deed, the title documents, and the lender documents in financed transactions.

4. Transfer ownership. The seller delivers keys and garage door openers to the buyer.

At every closing, you’ll sign a lot of papers. Everyone who closes at South Oak will receive a closing folder that includes a USB key that has copies of everything they’ve signed and reviewed.

How long does it take to get from a signed contract to closing?

Since every real estate transaction is unique, there isn’t a formula for determining exactly how long it will take to get to closing. However, most financed transactions can close within thirty days. Cash transactions can close in much less time (in some cases, less than a week), but this timeline depends on the county you’re closing in and how long it takes to get the title back.

What are some things that can cause delays in closing?

No one wants to hear that their closing has been delayed, but there are all kinds of circumstances that can extend the timeline for closing.

Some common reasons your closing may be delayed include:

• Issues with the home inspection. If the home inspector discovers an issue that needs to be repaired before closing, it can take time to schedule and complete the repair.
• Lender delays. These often occur when the buyer is late in getting information to their lender.
• Vendor delays. Vendors, such as surveyors and termite inspectors, are in high demand. Occasionally, it can take longer than expected to get a vendor to a property.

Our internal processes are designed to minimize delays in closing, and we never want to be the reason your closing is delayed. However, we can’t control everything that’s required to close on time. You can minimize delays with prompt responses to requests for information.

We will always communicate any delays in closing, and we’ll let you know as soon as possible if your closing date will need to be moved.

Who needs to be present at closing?

Your closer will let you know exactly who needs to be present at closing. If the property being sold is owned by a married couple, both spouses need to be present. If the spouses are in the middle of a divorce but the divorce is not yet final, both individuals will still need to be there to close. The buyers will also need to be present at closing. The realtors representing both the buyers and sellers may also be present.

If anyone who needs to be at closing is physically unable to attend, a power of attorney will be required. All POA documents must be approved by South Oak prior to closing.

Do you offer flexible closing options to your clients?

We work hard to make sure that closings are a joy at South Oak. With nearly twenty locations across the Southeast, we have convenient locations in Alabama, the Florida Panhandle, and East Tennessee. But if you can’t close in one of our offices, we do have a few flexible closing options.

Mail-away closings are a great option for sellers who have already moved out of town. For these closings, we mail the entire closing package. The seller will sign the documents with a notary and overnight the package back to South Oak that same day. Once the paperwork is received back in our office, the purchaser can come into the office to sign.

Travel closings are also available to accommodate individuals who live near a South Oak office but are unable to come into the office to close. We’ve come to hospitals, nursing homes, offices, and even fast food restaurants for closings.

Although digital closings were an option during the COVID-19 pandemic, these are no longer available in Alabama. However, we are prepared to adapt and provide these closings in the future if Alabama adopts remote online notary (RON) laws.

If you have specific needs for flexible closing options, these need to be communicated as soon as possible to avoid delays in closing.

What do clients need to bring to closing?

All buyers and sellers need to bring a current, unexpired, government-issued ID to closing. If a client is using a power of attorney, they also need to bring the original, approved POA to closing.

We’ll provide everything else you need.

How do you get updates on the status of your closing?

Qualia Connect is the best place to get real-time status updates for your closing. Qualia Connect is available for realtors as well as buyers and sellers, and we recommend that everyone involved in the closing transaction utilize this app for secure communication and easy updates.

Qualia Connect features a progress tracker that shows clients exactly where they are in the closing process. Realtors and clients can also ask questions about their closing and submit documents through the secure Qualia Connect portal. You can also email your closer directly with your questions.

Will I need to review any paperwork before closing?

Your closer will let you know if there are any specific items you need to address or review before closing. The day before closing, South Oak will send the ALTA Settlement Statement for review. This settlement statement includes all of the costs and credits for both buyers and sellers.

You’ll have plenty of time to review all other documentation during your closing, and you can request extra time for this if needed. Your closer is available to answer any questions you have about any documents you sign.

At South Oak, our goal is to make closings enjoyable and stress-free for realtors, lenders, and their clients. If you’ve still got unanswered questions about your closing, please let us know. You’re always welcome to contact your closer with questions or call your local South Oak office.