The closing (also referred to as settlement) is usually the final official step in the real estate purchase or sale process. It is commonly a day of both nervousness and excitement. It is important to understand what to expect and what can lead to delays. Below is an introduction to Abington PA real estate scheduling of closings for purchases requiring a home loan.
Clearance to Close
A clear to close is issued by the mortgage company when all loan requirements have been cleared. This may not be issued until just before the anticipated transfer date. In some cases, a tentative date and time is set, however, the clear to close must be received before a full closing can take place. Loan consultants and Realtors will track the progress of this important step.
Beyond the clear to close, there are several other factors that determine the scheduling of closings. The most common are document receipt, issuance of funds, and registry of deeds hours. The closing attorney needs documents from the lender and must have a certain amount of time to complete the HUD-1 settlement statement. The funds must also be transferred to the closing attorney (unless other arrangements are in place), so time zones can be important. After paperwork is signed, they must be filed at the registry of deeds, which usually have limited hours of operation. All of this, plus the schedules of the parties involved, will play a role in scheduling.
What to Bring to Closing
To ensure a successful closing, all parties must bring specific items. The first is legal identification for all individuals who must sign paperwork. Secondly, any funds owed must be certified (not personal checks). Finally, it is a good idea to also bring a checkbook for any final adjustments to the closing figures. Other things may be needed beyond this, but these are the most typical.
Abington PA Real Estate Scheduling Of Closings
Settlement can be stressful as you prepare to move and must also address items related to the closing itself. Keep the above items in mind to make Abington PA real estate scheduling of closings a little less complicated. Your real estate professional will also keep you updated on important steps and assist you through the process.