Author: Ryan | September 5, 2017
Closing on a cash purchase can take as little as a couple of weeks, while closing on a mortgaged purchase can take longer.
Although you accepted an offer and the inspections and appraisal are all set, there is a lot going on in other offices:
Closing Agent. The closing agent is working with the title company, lenders, and other parties to confirm costs, taxes, pay-offs, prorations and the fine details.
Title Company. The title company or a real estate attorney is making sure the seller has the right to sell the property and that it is clear of any disputes or liens.
Lender. The buyer's lender is finalizing mortgage paperwork and making sure all requirements are met.
Get Movin Real Estate. We are making sure the above parties are prioritizing you and staying on track with your needs.
While waiting for a “clear to close” (CTC) both the seller and buyer should be:
Working on transfering utilities in and/or out of their name.
Adding or removing home owners insurance from their policies, the buyer will also need to submit the new policy and its costs to their lender.
Whether the possession is at close or some time after close, both parties need to be planning and preparing to move in or out as agreed upon in the accepted offer.
Buyers may request a final walk through within a few days before closing to make sure any contingencies were met and the house is the same condition as at showing and inspection.
When closing day arrives come ready to sign your name MANY times.
Also be prepared for nerves, excitement, and handshakes!