The closing (also known as settlement) is typically the last official 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 can cause delays. This blog contains an overview of Ipswich MA home purchase closings for transactions with a mortgage.
Approval to Close
A clear to close is granted by the mortgage company after all conditions are satisfied. This may not be received until just prior to the anticipated settlement date. Sometimes a tentative date and time is determined, however, the clear to close must be received before a full closing can take place. Mortgage consultants and real estate agents will track the progress of this critical milestone.
Beyond the clear to close, there are several other things that affect the timing of a closing. This includes document receipt, issuance of funds, and registry of deeds hours. The closing attorney must receive documents from the mortgage company and requires a certain amount of time to prepare the HUD-1 settlement statement. The funds must also be wired to the closing attorney (unless other arrangements are made), so time zones can impact scheduling. After closing documents are signed, it must be submitted to the registry of deeds, which generally have specific hours of operation. All of these factors, plus the schedules of the parties involved, may influence when a closing can take place.
Items Needed at Closing
To facilitate a successful closing, buyers and sellers must bring certain items. The first is valid identification for all persons who must sign 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 things may be required beyond this, but these are the most common.
Ipswich MA Home Purchase Closings
Settlement can be complicated as you prepare to move and must also address the requirements of the closing itself. Keep the above items in mind to make Ipswich MA home purchase closings a little less stressful. Your real estate professional will also play an important role in keeping you informed of important milestones and guide you through the process.