closing

By Lydia Blair
Special Contributor

Buying or selling a house takes time. How much time you spend closing depends on several of factors. There is a reason we call it the closing process. Many moving parts must come together before title transfers ownership. In Texas, it’s typically 21 to 45 days.

How long does it take to sign all the documents and actually transfer ownership of the property? That part of the process usually happens in a single day. The closing day is when the deed to a property is exchanged for money. The buyer deposits the money due with the title agent and signs the loan and purchase documents. The seller signs the deed and closing statements and receives money due to them. In Texas, the buyer and seller usually sign closing papers separately. Unlike some other states, not everyone sits down at the closing table at the same time.

Signing the closing documents can take anywhere from five minutes to several hours, depending on the situation. The more complicated the transaction, the more paperwork there is to endorse and the longer it can take.

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By Lydia Blair
Special Contributor

One of the quirks of the title industry is the roller-coaster pace of business. A week day in mid-January can be as boring as watching paint dry. The last Friday of the month in the summer feels like bungee jumping into fire.

While title companies are generally glad to close a transaction, some days are a lot more welcome than others. The last day of the month is usually the busiest time for title companies and lenders. Fridays are the fullest days of the week.

I’ve suspected that mortgage companies were pushing for these days to close out their month or week with more business. But that is probably not correct.

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