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Long Distance Closings

There are many occasions in which a party (or all parties) in a real estate transaction do not attend the closing.  It may be that a client resides outside of Maine and does not want to make a specific journey for the closing.  Perhaps, a Maine client decides that it is easier to sign the closing documents in advance and allow the attorney to complete the closing.  Whatever the reason, the attorneys at Hale and Hamlin are willing to assist clients in this process.

Typically, we ask a buyer client (and, or, lender client) to send the closing monies by a bank “wire” transfer direct into Hale and Hamlin’s real estate client funds account.  The specific figure is usually determined about five days before the closing.  In the case of seller clients, we can arrange for the closing agent to send the net sale proceeds to the client by bank “wire” transfer or check.

In some instances, a client may be willing to sign a limited power of attorney document which appoints the designated attorney as the client’s agent to sign documents on the client’s behalf and complete the closing process.  Alternatively, the closing documents can be sent to the client in advance of the closing; usually by e-mail or overnight delivery.  The client will sign those documents; some of which may need to be signed in the presence of a notary public.  The signed original documents are returned by mail to Hale and Hamlin in advance of the closing.  If need be, we can join in parties to a closing meeting by conference call, so that any “last minute” issues can be resolved or the client can monitor the progress during that meeting.  On occasions, we are willing to travel to local attorneys’ or realtors’ offices for a closing.

The “long distance” closing is an increasing common event.  When requested, Hale and Hamlin provides a wide range of options for assisting clients in completing closing requirements in advance of the actual closing.