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When Will We Close?
Question: When we will close?
Answer: In real estate when a property is sold there is a sale agreement. That agreement outlines the obligations of buyers and sellers. "Closing" or settlement is where the obligations of the contract are fulfilled -- the buyer brings money, the seller brings title, the lender brings money for the purchaser, there is a title examination, etc. A sale agreement typically includes both a projected closing date (say 60 days from today) as well as language which allows for some flexibility ("closing will be on or about.")
Why have flexibility? It sometimes happens that loan processing is delayed (papers are not available, perhaps), additional title work is required, work on a new home is not complete, or other matters arise which make it in everyone's best interest to delay closing.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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