Clear to Close Sample Clauses
The "Clear to Close" clause signifies that all conditions required by the lender for a real estate transaction have been satisfied, and the loan is fully approved to proceed to closing. In practice, this means that the buyer has submitted all necessary documentation, the property appraisal and title review are complete, and any outstanding issues have been resolved. This clause serves as a formal milestone in the transaction, ensuring that both parties can confidently schedule the closing date, thereby reducing uncertainty and preventing last-minute delays.
Clear to Close. Once your loan officer has cleared all of your commitment conditions and the lender’s attorney has approved the file for funding, we will be able to schedule a mutually agreeable closing date with all parties. • Generally speaking, your lender must have you acknowledge the Closing Disclosure 72 business hours (including Saturday) before we can close. This is a preliminary estimate of your closing costs.
Clear to Close. After the purchaser receives their commitment they will be issued what is called the ‘clear to close’ by the lender. This occurs once the purchaser’s loan officer has cleared all of their commitment conditions and the lender’s attorney has approved the file for funding. Thereafter we will be able to schedule a mutually agreeable closing date with all parties. • Generally speaking, the lender must have the buyer acknowledge the Closing Disclosure 72 business hours (including Saturday) before we can close. Coop Board Approval (if applicable) • If you are selling a coop, the transaction is also generally contingent upon the buyer obtaining ‘board approval’. Most coops. have a board interview; others do not. They will schedule an interview and once approved that will be the final contingency for the transaction. • Our office will prepare a financial closing statement that outlines the entirety of the transaction in a manner that is easily understood. At closing we shall review all documents so as to ensure that you are fully aware of all that transpires at such time. • Please be aware that simply because a closing date has been scheduled, that does not automatically mean you will be giving actual possession of the premises on the day of closing. If you require time to remain in the property after closing, kindly notify us. • Additionally, the purchaser shall have the right to conduct a final walkthrough of the premises prior to closing. This will be scheduled through the parties’ respective agents to ensure the property is in the condition called for in the contract. It is imperative that you contact us immediately if there are any issues at the walkthrough so that we may resolve them prior to the closing so as to avoid any unnecessary delay. • The location of the closing typically will be held at the office of the attorney for the lending institution or coop. managing agent/attorney, as applicable. • The duration of a typical closing should be less than two (2) hours, depending on the lender. • During the actual closing, you will sign New York State/City Transfer Documentation and the Deed while the purchaser signs their loan documentation. • Your ‘closing costs’ will include our legal fee, New York State and City (if applicable) Transfer Tax and any realtor commissions. • Also calculated into your closing costs are real estate taxes. You will be reimbursed on a prorated basis for any real estate taxes have have been prepaid beyond the closing date. • If you ...