The closing (also referred to as settlement) is generally the last official step in the real estate purchase or sale process. It is often a day of both apprehension and excitement. It is important to know what to expect and what can lead to delays. Below is an introduction to Las Vegas real estate closings for transactions involving a home loan.
Clearance to Close
A clear to close is issued by the mortgage company after all loan contingencies have been cleared. This may not be done until just before the anticipated closing date. In some cases, a tentative date and time is set, however, the clear to close must be received before a full closing can occur. Loan officers and real estate professionals will track the progress of this important milestone.
Beyond the clear to close, there are many other factors that affect the timing of closings. The most common are document receipt, release of funds, and registry of deeds hours. The closing agent needs documents from the mortgage company and requires enough time to compile the HUD-1 settlement statement. The funds must also be sent to the closing agent (unless other arrangements are in place), so time zones can impact timing. After closing documents are signed, they must be submitted to the registry of deeds, which usually have specific hours of operation. All of this, plus the schedules of the parties involved, will play a role in scheduling.
What is Required at Closing
To avoid delays, all parties must bring certain items. The first is legal identification for all persons signing paperwork. Secondly, any funds owed must be certified (not personal checks). Finally, it is a good idea to also bring a personal checkbook for any last minute changes to the closing figures. Other items may be required beyond the above, but these are the most common.
Las Vegas Real Estate Closings
Closings can be complicated as you prepare to move and must also complete items related to the closing itself. Keep the above information in mind to make Las Vegas real estate closings a little less stressful. Your real estate agent will also play an important role in keeping you updated on important steps and guide you through the process.