How Purchase Closings Differ from Refinances
Purchase loan packages are larger, more emotionally charged, and more likely to involve multiple parties than refinances. Typical purchase packages run 150–200+ pages. If both buyer and seller are present simultaneously, you may be managing two separate packages and two sets of signers at the same table.
The Buyer Package
Closing Disclosure
The purchase CD is more detailed than a refinance CD because it must account for the purchase price, earnest money, seller concessions, property tax proration, and all lender costs. First-time homebuyers often spend significant time on this document. Budget extra time and expect questions about fees they weren't expecting to see itemized.
Promissory Note and Deed of Trust
Same function as in a refinance, but in a purchase the deed of trust conveys a new security interest in the property being purchased, not a refinanced existing property. The deed of trust will reference the purchase price and may include riders for PMI, condominium, or adjustable-rate provisions.
Title Insurance Documents
Purchase transactions typically include owner's title insurance and lender's title insurance. The buyer may sign a commitment, a title insurance policy acknowledgment, and related documents. These are not notarized but explain what title insurance covers and does not cover.
Transfer Documents
Documents such as the grant deed or warranty deed transfer title from seller to buyer. These are signed by the seller and are among the most critical documents in the transaction — they are what actually changes ownership. The grant deed or warranty deed is notarized.
The Seller Package (When Present)
If seller documents are handled at the same appointment, the seller's package typically includes:
- Grant deed or warranty deed — transferring title; signed and notarized by the seller
- Seller's affidavit — certifying various facts about the property and title
- 1099-S acknowledgment — the seller's acknowledgment of the proceeds of sale for IRS reporting
- Payoff authorization — if the seller has an existing mortgage being paid off at close
Timing and Scheduling for Purchase Closings
Purchase closings have higher stakes for scheduling errors than refinances. A borrower who is closing on their first home has often given notice to their landlord, scheduled movers, and made significant life arrangements around the closing date. A signing appointment that runs long, starts late, or fails to complete creates cascading problems for everyone involved. Budget 2 full hours minimum for any purchase closing — more for first-time buyers or packages with both buyer and seller present.
Send your appointment confirmation the evening before. Include: your name and contact number, the address and time, a reminder that all buyers need current government-issued photo ID, an indication of time to plan for (90–120 minutes), and a note that co-buyers must be present. The percentage of failed purchase signings due to a co-buyer who wasn't told about the appointment is significant and entirely preventable with this one line in your confirmation email.
Handling First-Time Homebuyers
First-time homebuyers are the most common source of extended purchase signings. They have never seen a promissory note before. The deed of trust is unfamiliar. The closing disclosure contains numbers they may be seeing for the first time at the table even though they should have received it 3 days earlier. Your role is to guide them through the package with patience, explain each document's purpose in plain language, and redirect financial questions to their loan officer.
A phrase that consistently works well: "You are going to see a lot of documents today — most of them are federal disclosures that every borrower signs, and some of them are the actual loan documents. I'll tell you which is which as we go through them." This reframes the volume of paper as normal rather than alarming, which reduces anxiety and keeps the appointment moving.
When Both Buyer and Seller Are Present
Handling both buyer and seller at the same table is the most complex standard signing scenario. Confirm with the title company before the appointment: which documents does each party sign, are there two separate return packages or one combined package, and which party (if any) needs to receive copies before leaving? Keep the buyer's and seller's documents physically separated throughout the signing to avoid confusion. See our seller package guide for the specific documents the seller signs.
FAQ
No. The federal right of rescission applies only to refinances and HELOCs on a borrower's primary residence. It does not apply to purchase transactions. This is a common point of confusion for first-time homebuyers who have heard of the right to cancel from other contexts.
Remove yourself from the dispute immediately and call the title company. You are not a mediator. A dispute about the condition of the property, concessions that weren't honored, or other deal issues is outside your role entirely. The title company or escrow officer has authority to address these situations; you do not.