The closing (also known as settlement) is generally the final official step in the real estate purchase or sale process. It is often a day of both nervousness and excitement. It is important to know what to expect and what can cause delays. Below is an overview of Philadelphia home sale scheduling of closings for transactions involving a home loan.
Approval to Close
A clear to close is granted by the mortgage company after all loan contingencies have been cleared. This may not be issued until just before the planned closing date. In some cases, a tentative date and time is determined, however, the clear to close must be received before a complete closing can occur. Loan consultants and Realtors will monitor the progress of this critical step.
Logistics of Closings
Beyond the clear to close, there are many other factors that impact the scheduling of closings. This includes paperwork delivery, issuance of funds, and recording hours. The closing agent must receive documents from the mortgage company and requires sufficient time to prepare the HUD-1 settlement statement. The funds must also be sent to the closing agent (unless other arrangements are made), so variances in time zones can be important. After closing documents are signed, they must be submitted to the registry of deeds, which usually have limited hours of operation. All of these factors, plus the schedules of the different people in the transaction, may play a role in scheduling.
What to Bring to Closing
To facilitate a successful closing, buyers and sellers must bring certain items. The first is legal identification for all individuals who must sign paperwork. Secondly, any money owed must be certified (bank check, money order, or similar form of payment). Finally, it is important to also bring a personal checkbook for any last minute changes to the closing figures. Other items may be needed beyond the above, but these are the most typical.
Philadelphia Home Sale Scheduling Of Closings
Settlement can be stressful as you get ready to move and must also address the requirements of the closing itself. Keep the above items in mind to make Philadelphia home sale scheduling of closings a little less complicated. Your real estate agent will also play an important role in keeping you updated on critical steps and assist you through the process.