The closing (also known as settlement) is typically the final official step in the real estate purchase or sale process. It is commonly a day of both apprehension and excitement. It is important to understand what to expect and what may cause delays. Below is an overview of Franklin TN home purchase closing procedures for purchases with 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 issued until shortly before the anticipated settlement date. Sometimes a tentative date and time is identified, however, the clear to close must be issued before a full closing can occur. Mortgage consultants and Realtors will track the progress of this critical step.

Closing Time

Beyond the clear to close, there are many other factors that determine the timing of closings. The most common are paperwork delivery, release of funds, and recording hours. The closing agent needs paperwork from the mortgage company and must have a certain amount of time to compile the final figures. The funds must also be wired to the closing agent (unless other arrangements are made), so time zones can impact timing. After paperwork is signed, it must be filed at the registry of deeds, which can have limited hours of operation. All of this, plus the schedules of the parties in the transaction, may determine when a closing will occur.

Items Needed at Closing

To avoid delays, all parties must bring certain items. The first is legal identification for all individuals signing paperwork. Secondly, any funds owed must be certified (not personal checks). Finally, it is important to also bring a checkbook for any last minute adjustments to the closing figures. Other items may be needed beyond the above, but these are the most common.

Franklin TN Home Purchase Closing Procedures

Closings can be stressful as you prepare to move and must also address items related to the closing itself. Keep the above items in mind to make Franklin TN home purchase closing procedures a little less confusing. Your real estate agent will also play an important role in keeping you informed of important steps and guide you through the process.


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