Closing Date

So we have everything done...just waiting for title to clear. Should be done Oct 2nd according to attorney, then I guess it goes to our lender.... So do we find out our closing date a few days before? Or a day before.... I'm hoping to be closing by Columbus day weekend!

Re: Closing Date

Do you have a mortgage commitment from your lender, and if so, were there any conditions on it that haven't been met? The mortgage commitment is the key piece -- that's when the underwriter reviews your loan application and actually approves it. It usually comes after the appraisal on the house is done, but not always.

Once your lender gives the commitment, you still need to wait for the "clear to close."

The title report is key, but if I were you, I would check with your lender to see if there are other things you could be doing now, so that when title comes in, you can move to closing quickly. For example, do you know who you will use for homeowner's insurance.

Re: notification of the closing - - Your attorney, the seller's attorney, and your lender's attorney will all coordinate to set up a date (a title closer will be present, too). Once you have the clear to close from the lender, it's just a matter of scheduling. So if there's any day you can't do, let your attorney know asap. But you typically only get a few days' notice of the closing, a week at most!

Good luck!
Christine

Re: Closing Date

Thanks! Yes we got our commitment letter, did apprasial, and termite, called mortagage lender and everything is fine on our end he's just waiting for title....It's been 2 weeks since our title has been processed or whatever it's called and still not done. Does it normally take that long...

Re: Closing Date

Yeah, depending on the title company, it can take a couple of weeks once title is ordered. But if it was ordered two weeks ago, your attorney should be getting it any day.

A lot of real estate attorneys find it good practice -- and I wholeheartedly agree! -- to order title as soon as contracts are signed. Nothing is more frustrating than being ready to close, but waiting on the title report. Plus, one of the most important things from a buyer's perspective is making sure you get clean title. So if there are issues that crop up based on the report, it's best that they are dealt with sooner rather than later.

For example, I recently sold a house to a buyer where the title report came back with an old mortgage lien on it. The sellers had paid the mortgage off years earlier, and there was an issue (they couldn't find the satisfaction of mortgage), so it had to be traced back to the lender, who was no longer in existence anymore, and so on and so forth. It was ultimately resolved and the sale closed, but it took some time and added stress to the situation.

So I always advise my buyers to ask their attorney to order title asap!

Hopefully, the title comes back today and you are good to go! : )