Real Estate 101 - Charlotte NC Real Estate Scheduling Of Closings

Welcome to the first in our Real Estate 101 series.  We hope this series of articles can shed light on the routine, but not-always-so obvious aspects of a real estate transaction in Charlotte.  Our first entry into this series deals with the scheduling and flow of a closing a transaction.

(Too Soon? RIP Toys R Us)

The closing (also referred to as the settlement) is generally the last step in the home purchase or sale process. It is commonly a day of both apprehension and excitement. It is helpful to know what to expect and what may lead to delays. Below is an overview of Charlotte NC real estate scheduling of closings for purchases involving a mortgage.

Clear to Close

A clear to close is granted by the lender after all contingencies have been met. This may not be issued until shortly prior to the planned settlement date. In some cases, a tentative date and time is identified, however, the clear to close must be issued before a full closing can occur. Loan officers and real estate brokers will track the progress of this important milestone.

Closing Time

Beyond the clear to close, there are many other things that determine the scheduling of a closing. The most common are document receipt, release of funds, and registry of deeds hours. The settlement attorney must receive paperwork from the lender and requires sufficient time to complete the final figures. The funds must also be wired to the settlement attorney (unless other arrangements are in place), so differences in time zones can be important. After paperwork is signed, it must be submitted to the registry of deeds, which may have limited hours of operation.  All of these factors, plus the schedules of the parties involved, can determine when a closing can take place.

What is Required at Closing

To avoid delays, buyers and sellers must bring certain items. The first is legal identification for all persons signing paperwork. Secondly, any money due must be certified (not personal checks). Finally, it is important to also bring a checkbook for any last minute adjustments to theclosing figures. Other items may be needed beyond this, but these are the most typical.

Charlotte NC Real Estate Scheduling Of Closings

Closings can be stressful as you prepare to move and must also address items related to the closing itself.  Remember the above to make Charlotte NC real estate scheduling of closings a little less stressful. Your AllenWay real estate broker will also play an important role in keeping you aware of critical milestones and assist you through the process.