The closing (also known as settlement) is typically the final step for a home buyer or seller. It is often a day of both nervousness and excitement. It is helpful to know what to expect and what can lead to delays. Below is an overview of Burlington MA real estate scheduling of closings for transactions requiring a mortgage.
Clearance to Close
A clear to close is granted by the mortgage company when all loan conditions have been approved. This may not be done until just before the expected transfer date. Sometimes a tentative date and time is determined, however, the clear to close must be received before an actual closing can take place. Loan consultants and real estate professionals will track the progress of this important milestone.
Beyond the clear to close, there are many other things that determine the scheduling of a closing. This includes paperwork delivery, release of funds, and recording hours. The settlement attorney must receive paperwork from the mortgage company and requires enough time to compile the final figures. The funds must also be wired to the settlement attorney (unless other arrangements are in place), so time zones can be important. After paperwork is signed, it must be submitted to the registry of deeds, which may have specific hours of operation. All of this, in addition to the schedules of the different people involved, can determine when a closing can occur.
What to Bring to Closing
To facilitate a successful closing, all parties must bring specific items. The first is legal identification for all individuals signing paperwork. Secondly, any funds owed must be certified (bank check, money order, or similar form of payment). Finally, it is a good idea to also bring a checkbook for any last minute adjustments to the closing figures. Other things may be required beyond the above, but these are the most common.
Burlington MA Real Estate Scheduling Of Closings
Property transfers can be complicated as you get ready to move and must also complete the requirements of the closing itself. Keep the above information in mind to make Burlington MA real estate scheduling of closings a little less confusing. Your real estate professional will also play an important role in keeping you apprised of important steps and guide you through the process.