This may sound obvious, but it isn’t. We accepted a closing date when we first signed the Purchase Agreement and you should have entered it then into your calendar but now the date is looking more sure so we 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 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 we agreed to do as the Seller can’t 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 and appraisal phases were major steps in the negotiation process. At this point the Closing Date has become a lot more certain. Buyer’s finances and final approval of their loan are probably the only real hurdles yet to be clear. So pull out all those calendars and check them! Have you asked off of work for at least 1/2 day? Have you thought through how you will move? Have you checked in with whomever you need to at your next residence? If you own your 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: