The closing (also known as settlement) is typically the final step for a home buyer or seller. It is commonly a day of both nervousness and excitement. It is helpful to understand what to expect and what may cause delays. This blog contains an introduction to Southern NH real estate closing procedures for purchases requiring a home loan.
Clear to Close
A clear to close is issued by the lender after all loan contingencies have been approved. This may not be received until shortly before the planned closing date. Sometimes a tentative date and time is determined, however, the clear to close must be received before a complete closing can occur. Loan officers and real estate professionals will track the progress of this important milestone.
Beyond the clear to close, there are several other factors that determine the timing of closings. This includes paperwork delivery, release of funds, and recording hours. The closing attorney needs documents from the lender and must have enough time to compile the final figures. The funds must also be sent to the closing attorney (unless other arrangements are made), so time zones can affect scheduling. After paperwork is signed, they must be submitted to the registry of deeds, which generally have limited hours of operation. All of this, in addition to the schedules of the parties in the transaction, can play a role in scheduling.
Items Needed at Closing
To avoid delays, buyers and sellers must bring certain items. The first is legal identification for all persons signing paperwork. Secondly, any funds due 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 changes to the closing figures. Other things may be needed beyond the above, but these are the most common.
Southern NH Real Estate Closing Procedures
Property transfers 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 Southern NH real estate closing procedures a little less confusing. Your real estate professional will also play an important role in keeping you informed of critical steps and guide you through the process.