The closing (also known as settlement) is generally the final step in the property purchase or sale process. It is often a day of both apprehension and excitement. It is important to know what to expect and what can cause delays. Below is an overview of Arlington MA home sale closing procedures for purchases requiring a mortgage.
Clear to Close
A clear to close is granted by the lender when all conditions are satisfied. This may not be received until shortly before the anticipated closing date. In some cases, a tentative date and time is set, however, the clear to close must be issued before an actual closing can occur. Mortgage consultants and real estate agents will monitor the progress of this critical step.
Beyond the clear to close, there are many other factors that affect the timing of closings. This includes document receipt, release of funds, and registry of deeds hours. The closing agent needs paperwork from the mortgage company and requires a certain amount of time to complete the HUD-1 settlement statement. The funds must also be transferred to the closing agent (unless other arrangements are in place), so variances in time zones can be important. After paperwork is signed, they must be filed at the registry of deeds, which can have specific hours of operation. All of this, plus the schedules of the parties in the transaction, may impact when a closing will take place.
What to Bring to Closing
To facilitate a successful closing, all parties must bring certain items. The first is legal identification for all persons 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 personal checkbook for any final changes to the closing figures. Other things may be required beyond the above, but these are the most common.
Arlington MA Home Sale Closing Procedures
Closings can be stressful as you prepare to move and must also complete items related to the closing itself. Remember the above to make Arlington MA home sale closing procedures a little less complicated. Your real estate broker will also keep you updated on important steps and guide you through the process.