Question

The buyer and seller must be present for the closing at the same time:

1) when there is an exchange
2) it is not necessary
3) when the documents must be notarized
4) only when they are living in this local

Answer 1

The presence of both buyer and seller at the same time for a closing is not necessary as many real estate transactions are facilitated by an escrow company, handling documents and funds until all conditions are met. Hence, option (2) is correct.

Step-by-step explanation:

Contrary to what some might think, it is not necessary for the buyer and seller to be present at the same time for a property closing. In today's real estate transactions, many closings are handled through an escrow company that acts as an intermediary.

The escrow company collects and holds the necessary documents and funds until all parties have met their contractual obligations. Once everything is in order, the escrow company will distribute documents and funds accordingly - this often includes payment of both home insurance and property taxes. This allows for a more flexible and efficient closing process, which can be completed without requiring both parties to meet at the same time or place.