The closing (also known as settlement) is typically the last step for a home buyer or seller. It is commonly a day of both nervousness and excitement. It is helpful to know what to expect and what can cause delays. Below is an introduction to Bennington real estate closing process for transactions involving a mortgage.
Clear to Close
A clear to close is granted by the lender after all conditions have been met. This may not be issued until just prior to the expected transfer date. In some cases, a tentative date and time is determined, however, the clear to close must be received before a full closing can occur. Mortgage officers and real estate agents will track the progress of this critical step.
Beyond the clear to close, there are many other factors that affect the scheduling of a closing. The most common are paperwork delivery, release of funds, and registry of deeds hours. The closing attorney must receive paperwork from the lender and requires a certain amount of time to prepare the HUD-1 settlement statement. The funds must also be sent to the closing attorney (unless other arrangements are made), so differences in time zones can be important. After paperwork is signed, it must be filed at 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, may play a role in scheduling.
What is Required at Closing
To avoid delays, all parties must bring certain items. The first is valid identification for all persons who must sign 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 final changes to the closing figures. Other items may be required beyond the above, but these are the most typical.
Bennington Real Estate Closing Process
Closings can be stressful as you get ready to move and must also complete items related to the closing itself. Remember the above to make Bennington real estate closing process a little less complicated. Your real estate agent will also play an important role in keeping you apprised of important requirements and assist you through the process.