Why is a closing necessary? Isn’t it an unnecessary expense?

Updated March 13, 2023.

A closing provides a definite time and place for the transfer of the property to occur. In today’s world of advanced technology and communication, a closing is probably not essential in that the necessary information, documentation and funds are capable of being exchanged without the need for a meeting. In certain cases, closings are in fact handled “through the mail”. However, most transfers are completed at a closing simply because the lender requires one. Fortunately, a closing rarely results in unnecessary expense, since the tasks accomplished at closing are necessary to complete the transfer and would have to be accomplished at another time and place if not at the closing.

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