The closing (also referred to as settlement) is usually the final official step for a home buyer or seller. It is often a day of both nervousness and excitement. It is helpful to understand what to expect and what can cause delays. The following is an overview of MA home purchase scheduling of closings for transactions involving a home loan.
Clearance to Close
A clear to close is granted by the lender after all contingencies have been met. This may not be received until shortly prior to the anticipated transfer date. In some cases, a tentative date and time is determined, however, the clear to close must be issued before an actual closing can occur. Loan officers and real estate professionals will monitor the progress of this critical milestone.
Scheduling of Closings
Beyond the clear to close, there are many other factors that affect the scheduling of a closing. This includes document receipt, issuance of funds, and registry of deeds hours. The closing attorney must receive documents from the lender and requires sufficient time to compile the settlement statement. The funds must also be wired to the closing attorney (unless other arrangements are made), so differences in time zones can be important. After closing documents are signed, it must be submitted to the registry of deeds, which may have specific hours of operation. All of these factors, plus the schedules of the different people in the transaction, will affect the time of a closing.
Items Needed at Closing
To avoid delays, all parties must bring specific items. The first is legal identification for all individuals signing paperwork. Secondly, any funds due must be certified (not personal checks). Finally, it is a good idea to also bring a personal checkbook for any last minute changes to the closing figures. Other items may be needed beyond this, but these are the most common.
MA Home Purchase Scheduling Of Closings
Settlement can be stressful as you prepare to move and must also complete the requirements of the closing itself. Keep the above items in mind to make MA home purchase scheduling of closings a little less complicated. Your real estate agent will also keep you updated on important milestones and guide you through the process.