Well good afternoon everybody this is Chris Berger. It’s time for a Berger Point.

You know, the big thing about closings —→ years ago they used to last anywhere between an hour which probably meant the buyer was closing with cash.

They were great to experience because they went so quickly.

Whereas other closings I’ve had going up to three hours and right down to the wire, literally when the bank was wiring the money to get the deal done.So what about today? What’s going on today?

Well, there’s a big thing called remote closings and it seems to be the trend.And what exactly does a Remote Closing mean?

Well, basically, the seller of the home, they pretty much pre-sign everything.

They pre-sign everything and they give their attorney the power of attorney and to receive the funds and they actually do not have to go to the closing.

Now on the opposite end on the buyer side generally the buyer — which is really nice — Today they can pre-sign probably —- I don’t know, maybe 30 pages.

And I don’t know if you’ve ever witnessed a closing or what goes on in a closing, but generally the buyer’s pages are literally a half inch thick and they’re just signing away, signing away and signing away.

Now with the pre-signing and also if you decide to give the power of attorney to your attorney, they can sign even further documents.

You can go to the closing, you can review them and you can really be in and out inside of 45 minutes, which makes it easier to go through.

Now, remember actually, as a buyer — they have three days to change his or her mind and reject the mortgage and back out of the deal.It’s called the right of rescission. (I wrote about it here)

And that’s standard with all the documents here in the Hudson Valley area. It’s happened to me in Carmel, New York.   So that’s my point.

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