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Clear to Close and Closing
What Happens Between Clear to Close and Closing?
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There are documentation requirements that must be completed before a mortgage transaction. The following summary gives readers an overview of what’s done in closing:
Confirmation on Cash-to-Close Funds from a Client: The final cash-to-close is documented, and the client must receive this confirmation at least three business days before signing. In several instances, clients despised this as “unnecessary paperwork.”
Confirmation of Payment Terms to a Seller via Wire Transfer: An Estate Pro can wire the agreed payment to the seller, which is another fundamental requirement.
Final Walkthrough to a Property: Estate Pros invariably have a final walkthrough, during which they are obliged to evaluate whether the premises are in the same, if not better, condition as when they signed the papers.
Signing Documents Relating to the Loan: All legal papers related to loan agreements are finalized on the day agreed upon for the signing of the papers.
We are funding the Purchase: The process involved in making the purchase proceeds.
Recording Deeds of Legal Ownership for the Purchase: This will occur after the transfer of legal ownership has progressed far enough that the transaction will be complete.
Keys to the Home and Property are Handed Over: After all payments are completed, the keys to the infrastructure are issued.
Repayment of the Loan and Beginning of the Mortgage: After settlements are completed, the mortgage will begin, and repayment will start.
Is this making the process clearer for you?