Sometimes it's good to pre-sign

Closing is when you sign all the papers that actually transfer the ownership of a property and the buyer gets the keys to their new home. It usually takes place about 3 to 6 weeks after the purchase agreement is signed and the inspection is completed.

Buyers and sellers usually all sit around the table with their closers and real estate agents as everyone signs the documents required for the transfer. Occasionally, however, not everyone can get together in the same place at the same time and pre-signing is a good idea.

Sellers have an easier time pre-signing because they don't have to sign any mortgage documents as most buyers do. They often pre-sign if they can't get away from work, have a hard time getting around or are going to be on vacation at the time of closing...they may even be living in another part of the country or the world. They arrange with their closer to sign documents prior to closing in the presence of a notary, and someone else (usually their real estate agent or a family member) is given Power of Attorney to sign the final settlement statement and any other last-minute items that may come up at the actual closing.

Buyers rarely pre-sign because most lenders require that they sign their mortgage papers on the actual closing day. Some lenders do allow pre-signing, however, and if you think it may be a problem for you to be present on closing day it's something to discuss with your lender.

We had a perfect example of when it's good for buyers to pre-sign last week. Our buyer was pregnant. Her due date was still a few weeks out, but she started having signs that she might deliver early. Their lender allowed pre-signing, so they signed several days before closing just in case they were in the hospital on closing day!