CCO & COMMITMENT REQUIRED
If the buyer has a loan commitment from the bank and all underwriting stipulations have been cleared, the buyer is ready to close (CTC = Clear to close).
If the seller has the CCO in hand and they are ready to vacate, the seller is ready to close.
(There are situations where the seller can close without a CCO but that requires the buyer to acknowledge that they cannot occupy the dwelling until a CCO is obtained. This is a common arrangement when the subject property is a “knock down” house.
If the agent obtains the CCO from the town, the original document usually must be delivered to the buyer’s attorney. Sometimes the bank will request it before they issue a CTC.
The buyer’s agent should always be present. The listing agent’s presence is optional. It’s about 30-60min worth of signing papers in an attorney’s office.
Upon closing 1 of 3 things usually happens.
A) We arrange to be present for the closing so we can grab the check and physically deliver it to our office.
B) We can make arrangements for the attorney’s office to hold our check so that we can go pick it up later that day or the next day.
C) We can make arrangements to have the attorney mail our check directly to our office. This is the easiest but it also takes the longest.