Round Table Closings

The real estate closing process varies around the country, but every transaction requires coordination between skilled professionals. In some areas of the country, real estate settlement is completed at what is known as a "table closing."

A table closing involves a number of people. Typically, the buyer and seller attend the closing along with their real estate agents. A real estate attorney, settlement agent or title agent may conduct the closing. The people involved in a table closing may vary from state to state, so be sure to ask your real estate agent if you have specific questions.

During the table closing, the seller signs paperwork that ultimately transfers the title of the home. The buyer will also sign the necessary mortgage documents, including the promissory note. When everything is signed and the required funds have been collected, the sellers will deliver house keys, garage door openers, security codes and any other items necessary to access the property, and then receive the proceeds to the transaction.

If you're the buyer, you'll walk away from the closing table as a new homeowner. Congratulations!

Transaction Forms and Disclosures

Prior to your table closing, you'll receive various forms and disclosures from your lender, attorney or other parties to the transaction. These documents include the Loan Estimate and the Closing Disclosure, two forms the Consumer Financial Protection Bureau requires your lender to provide. After your transaction closes, you'll also receive a Settlement Statement.

Protecting Your Information

When you buy a home, you'll be required to submit personal information to your lender and/or settlement agent. This information may include social security numbers, bank account numbers and credit and loan account numbers. Unfortunately, would-be fraudsters sometimes attempt to steal personal information and even money through real estate transactions. Here are some tips to help keep your information and your transaction secure.

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