A refi closing is the borrower just refinancing the property he already has a mortgage for. It does not require another person (seller) to be present.
A purchase requires both borrower and seller (usually both are present, sometimes with their respecdtive RE agents).
Not a whole lot of difference, except that both sign the HUD-1, there is a deed or title transferring the property to the buyer and several other docs that the seller and/or the seller and borrower must sign (ie. owner's affidavits, etc).
I usually try to have the seller sign all necessary docs first, in order to get them out of the closing as soon as possible. The seller does not have to be present when the borrower signs the docs pertaining to the mortgage. IMHO, it's not really any of the seller's business what arrangements the borrower made for financing, so long as the seller gets their money.
Also, there are usually checks that have to change hands between the borrower, seller and both TE agents. |
