Closings glossary
Clear to close
The point at which lender conditions are satisfied and the transaction can be scheduled and funded. Title clearance and payoff figures usually have to land before a lender issues it.
What does clear to close mean?
Quick Answer
The full definition
The point at which lender conditions are satisfied and the transaction can be scheduled and funded. Title clearance and payoff figures usually have to land before a lender issues it.
Also called: CTC.
Where does clear to close come up in a New York City closing?
A Staten Island file goes clear to close on a Tuesday, once the satisfaction of an old home equity line is recorded and the payoff letter is updated.
What else should you read before closing?
In the glossary
- Curative workThe clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork ...
- Payoff letterA lender's statement of the amount required to satisfy and release a mortgage on a specific date, with a daily interest figure for any later date.
- Title commitmentThe document offering to insure title on stated terms, with Schedule A facts and Schedule B requirements and exceptions. It is the working agenda b...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- Escrow (at closing)Funds or documents held by a neutral party until stated conditions are satisfied. At a New York closing it usually means a holdback from proceeds u...
Questions this raises
- What happens after the closing table?Recording, recorded copies, the final policy, satisfactions and post-closing lender conditions. The New York closing tail and the documents to keep...
- Who is in the room at a NYC closing?Buyer, seller, both attorneys, the title closer and a lender representative. Who attends a New York City closing, what each one does, and who can s...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.