The closing (also known as settlement) is usually the last step for a home buyer or seller. It is commonly a day of both nervousness and excitement. It is important to understand what to expect and what may lead to delays. Below is an introduction to Boston home purchase closings for transactions requiring a home loan.
Approval to Close
A clear to close is issued by the mortgage company when all contingencies have been met. This may not be done until just before the planned transfer date. Sometimes a tentative date and time is set, however, the clear to close must be issued before a complete closing can take place. Mortgage officers and Realtors will monitor the progress of this important step.
Scheduling of Closings
Beyond the clear to close, there are several other things that affect the scheduling of a closing. This includes paperwork delivery, issuance of funds, and registry of deeds hours. The closing attorney needs documents from the lender and must have sufficient time to complete the final figures. The funds must also be wired to the closing 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 these factors, in addition to the schedules of the different people in the transaction, will determine the scheduling of a closing.
Items Needed at Closing
To ensure a successful closing, buyers and sellers must bring specific items. The first is valid identification for all persons who must sign paperwork. Secondly, any money owed must be certified (not personal checks). Finally, it is a good idea to also bring a checkbook for any last minute changes to the closing figures. Other items may be needed beyond the above, but these are the most typical.
Boston Home Purchase Closings
Closings can be complicated as you get ready to move and must also complete the requirements of the closing itself. Remember the above to make Boston home purchase closings a little less complicated. Your real estate professional will also play an important role in keeping you apprised of important milestones and assist you through the process.