We are in the process of selling our current home and buying a new home which has been very crazy. I have a quick question we are waiting for the person buying our home to be 'Clear to Close' (she has her committment). Does anyone know how long that can take?? Thanks
littlecat
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Re: Clear To Close
Did the title search go thru?
thiadora
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Re: Clear To Close
It means two things- 1) The title company- That the seller's attorney has cleared all objections raised in the title report against the prior owners with the title companies (mortgages that don't have a recorded sat, judgments against common names, etc...) 2) The bank- they have reviewed the title report, CO (and other munis), the survey & survey reading, and any other documentation regarding the property and they are satisfied with what they have seen.
How long does it take? It really depends on what's in the report, how helpful the seller's title company is (the buyer's title company goes to them to clear the prior owner's issues) and whether there are CO's for the structure (as examples only- there are other reasons for delays)
