The closing (also referred to as settlement) is typically the final step in the home purchase or sale process. It is commonly a day of both apprehension and excitement. It is helpful to know what to expect and what can cause delays. The following is an overview of MA home sale closings for transactions with a home loan.
Clear to Close
A clear to close is granted by the lender when all conditions have been met. This may not be received until shortly before the anticipated transfer date. In some cases, a tentative date and time is identified, however, the clear to close must be received before an actual closing can take place. Loan officers and real estate professionals will monitor the progress of this important milestone.
Scheduling of Closings
Beyond the clear to close, there are many other things that affect the scheduling of a closing. The most common are paperwork delivery, issuance of funds, and registry of deeds hours. The closing agent must receive documents from the lender and requires enough time to compile the final figures. The funds must also be wired to the closing agent (unless other arrangements are made), so differences in time zones can be important. After paperwork is signed, they must be submitted to the registry of deeds, which usually have specific hours of operation. All of these factors, in addition to the schedules of the different people in the transaction, may play a role in scheduling.
What is Required at Closing
To avoid delays, all parties must bring certain items. The first is legal identification for all individuals signing paperwork. Secondly, any funds owed must be certified (not personal checks). Finally, it is a good idea to also bring a personal checkbook for any last minute adjustments to the closing figures. Other items may be needed beyond this, but these are the most typical.
MA Home Sale Closings
Settlement can be complicated as you get ready to move and must also complete items related to the closing itself. Keep the above information in mind to make MA home sale closings a little less confusing. Your real estate professional will also play an important role in keeping you apprised of important requirements and assist you through the process. For further information contact Christopher Graves at Emery Federal Credit Union via phone at 781-759-1200 x22 or email christopher.d.graves@gmail.com.