When buying a home and writing the contract, one of the most important dates is the closing date. It's the day a home officially changes ownership, and most often that's also the same day that occupancy is given in our portion of Ohio. Those dates are deadlines and it's important to realize they're legally binding.
When choosing the closing date there are some key factors to consider:
- How long will financing take to process?
- How long can you stay in your existing home?
- Does your work schedule have flexibility or are you limited in the days off?
- What are the seller's needs?
Most often the closing date will be 30-45 days out. Much shorter and getting through the process on time might be tough, much longer than that and the sellers may not be keen on waiting so long to complete the sale.
Obviously if the closing date needs to be moved either earlier or later, it takes cooperation from both the buyer and seller. It's not something that can be unilaterally done and depending on what is being done, more paperwork comes into play.
If both sides agree to close EARLY, and the title company and loan officer are ready, then that's fairly easy to do. In fact, the standard Cincinnati MLS purchase contract already includes verbiage that allows for both sides to complete the sale when mutually agreeable.
On the other hand, if there's a reason to delay closing, that can put the contract at risk. If financing has gotten risky, or something else has shaken the seller's confidence in the buyer OR they have a fantastic back up offer, the sellers may not be open to extending the contract. However, most commonly a delay is just a few days, and sellers recognize starting over extends their ability to move much longer than those few days.
Need a real estate agent to help with your Warren County area home purchase or sale? Just give us a call at 513-520-5305 or email Liz@LizSpear.com to get started.
Serving Warren County area home buyers and sellers,
Liz and Bill aka BLiz
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