Home Buying in Columbus>Question Details

Msbuckeye2u, Home Buyer in Dayton, OH

Who decides when the closing date will be?

Asked by Msbuckeye2u, Dayton, OH Tue Oct 8, 2013

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9
The buyer puts their preferred date into the offer. Then that could change as part of the negociations.
0 votes Thank Flag Link Thu Oct 10, 2013
The buyer puts their preferred date into the offer. Then that could change as part of the negociations.
0 votes Thank Flag Link Thu Oct 10, 2013
Usually the closing is worded as "on or before" a certain date and/or time. In some situations, a buyer or seller may not be able to close on that particular day or an extension may have to be made. There are many circumstances though, where both parties are ready to close as soon as the title work is completed. In this case, both parties agree to an earlier signing. As long as all parties are ready to complete their portion and are in agreement, you may make the date whenever you please.
0 votes Thank Flag Link Thu Oct 10, 2013
Closing date is an agreement between the buyer and seller. In the Columbus area, our standard contract has a line that will list the deadline for closing. We try to give the lenders and title agencies enough time to do their job well, and correctly. Title agencies usually shoot for the contract deadline to set as a closing date, but closing can take place before that; Once everything is set to go, the buyer's agent usually gets in touch with the listing agent, and we set a closing date that works for both of our clients. If things aren't ready by the dead line, a little extension can be whipped up, or the contract can be terminated if it's just not going to happen.
It's important to know what YOUR contract says about a deadline and contingencies. But as long as everyone's working together we can usually get things done without too many hiccups.
0 votes Thank Flag Link Tue Oct 8, 2013
Closings can be done round table, escrow and presigned. Round table is the normal way to go in the Columbus Market.
Flag Tue Oct 8, 2013
The buyer and seller reach a mutial agreement.
The reality is, you will close when the bank says you will close.
They can and do whatever they please...especially if you are working with Wells Fargo, Bank of America, Chase or Never Ever BAnk of Clearwater Fl.
Make sure you have proper protections in place.
0 votes Thank Flag Link Tue Oct 8, 2013
The closing date is determined by the Real Estate Purchase Contract. But, that date can be delayed due to numerous circumstances.
0 votes Thank Flag Link Tue Oct 8, 2013
The contract usually specifies that the house with close "by a certain date." By default, that is the closing day if nobody says otherwise. Or, normally, the buyers and sellers can close earlier if all agree.
0 votes Thank Flag Link Tue Oct 8, 2013
It's agreed upon by the buyer(s) and seller(s). It's a negotiated piece of the contract.
0 votes Thank Flag Link Tue Oct 8, 2013
All dates are mutually agreed upon by the buyer and seller
0 votes Thank Flag Link Tue Oct 8, 2013
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