Every home buyer and seller knows that a closing, which is now called consummation, is the last step in the real estate buying process. The closing date is often a day filled with both nervousness and excitement. There are critical tasks and milestones leading up to the big day. Below are a few of the important steps for MA home sale closing procedures to understand, which may take some of the anxiety from this day.
Clear to Close
Probably the most important words a Buyer, Seller, or Real Estate Closing Attorney wans to hear is…we have a “clear to close”.
Although a buyer may receive a mortgage commitment letter, there are normally conditions listed in that letter. Lenders have not fully approved a loan until all conditions are met and a clear to close is issued. The clear to close may not be given until just a few days before closing. Most MA closing attorneys will schedule a tentative closing time, pending receipt of the clear to close and corresponding closing package. Keep in mind that if the closing attorney does not receive the package from the lender in time, the closing may be delayed.
Scheduling a closing may be more complicated than you imagined. First of all, there are many schedules to coordinate including the buyer, seller, their agents, their attorneys, and the closing attorney. The closing attorney must receive the closing packet and have time to prepare the documents. The lender may need to review and approve the final figures. Lastly, funds must also be received from the lender, so time zone differences may also affect closing times.
What Is Required at Closing
At the closing itself, each party is required to bring certain documentation. Buyers and sellers must bring proper ID. Buyers may also need to have funds wired to the closing attorney’s client funds (IOLTA) account to ensure that the closing can occur or “go to record”. Sellers (or their agents) must bring final utility bills, a smoke inspection certificate, a 6(D) certificate stating that all condo fees have been paid, etc. It is important that everyone knows in advance what they are responsible for. This will prevent closing delays.
MA Home Sale Closing Procedures
Closings can be stressful as you prepare to move but must also prepare for the closing. Understanding and keeping the above MA home sale closing procedures in mind will help alleviate the stress and complication of a real estate transaction. Your real estate agent and closing attorney will help you stay on track and remind you of important to-do’s.
For more advice on MA Real Estate Closings Call Attorney John J. Martino of The Martino Law Group for all of your legal advise 617.448.1174