The closing (also referred to as settlement) is typically the final step in the home purchase or sale process. It is often a day of both apprehension and excitement. It is helpful to know what to expect and what may lead to delays. This blog contains an overview of NH home purchase closings for transactions involving a home loan.
Clearance to Close
A clear to close is granted by the mortgage company after all loan requirements have been cleared. This may not be received until shortly before the anticipated closing date. Sometimes a tentative date and time is set, however, the clear to close must be received before an actual closing can occur. Loan consultants and real estate brokers will track the progress of this critical milestone.
Logistics of the Closing
Beyond the clear to close, there are several other factors that determine the scheduling of closings. This includes paperwork delivery, release of funds, and registry of deeds hours. The settlement attorney must receive documents from the mortgage company and must have sufficient time to prepare the settlement statement. The funds must also be transferred to the settlement attorney (unless other arrangements are in place), so time zones can impact scheduling. After paperwork is signed, it must be filed at the registry of deeds, which generally have specific hours of operation. All of this, in addition to the schedules of the parties involved, may influence the scheduling of a closing.
Items Needed at Closing
To ensure a successful closing, all parties must bring specific items. The first is valid identification for all individuals signing 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 checkbook for any final adjustments to the closing figures. Other things may be needed beyond the above, but these are the most typical.
NH Home Purchase Closings
Property transfers can be stressful as you get ready to move and must also address items related to the closing itself. Keep the above items in mind to make NH home purchase closings a little less confusing. Your real estate broker will also play an important role in keeping you informed of critical milestones and assist you through the process.