This may sound obvious, but it isn’t. We chose a closing date when we first submitted our Purchase Agreement and you should have entered it then into your calendar but now the date is looking more sure so I always suggest that you pull back up all your calendars and schedules and be sure you have time cleared to attend the closing.
Are There Reasons the Closing Date May Change?
As you may recall, the closing date we agreed to is binding on all parties so we can’t just change it now because you decide that day isn’t convenient. But the date may change due to details related to financing, regulatory requirements related to closing documents, or – at this stage – if the repairs the Seller has agreed to do cannot be successfully completed in time. In that case, we may ask to delay closing or discuss other possibilities for insuring the completion of the agreed repairs.
How Sure Are We NOW About the Closing Date?
The inspection phase is a major step in negotiating your purchase. There is still one milestone ahead in Appraisal, but at this point the Closing Date has become a lot more certain, so pull out all those calendars and check them! Have you asked off of work for at least 1/2 day? Have you checked in with your lender to be sure they have everything that they need from you? Have you thought through how you will move? Have you given notice at your current residence if you are on a lease? If you are purchasing a home with someone else (such as a spouse or significant other) and one of you simply cannot get off work, there may be “power of attorney” type options but this is the time to know you have a problem and get to work fixing it – those sorts of scenarios require some time and paperwork so be sure – now – that you are clear to attend the closing on the day and time that has been set by your contract.
If you have questions about this or other Real Estate related issues, get in touch: