Clear to close
The underwriter's sign-off that all loan conditions are met and the loan can fund. It typically comes a few days before closing and triggers the final Closing Disclosure.
Also called: CTC, cleared to close, final approval
Related terms
The lender's review of your income, assets, credit and the property to decide whether to approve the loan. The underwriter often asks for more documents before issuing final approval.
The final form showing the loan terms, payment and every closing cost, which the borrower must receive at least three business days before closing. Compare it with the Loan Estimate for changes.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
A contract term that lets the buyer cancel without losing earnest money if they cannot get the loan described in the contract by a set date.
The date set in the contract for the sale to close. It can move only if both sides sign an amendment.