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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Who sets the closing date?
Is it dictated soley by one party or do both parties have a say?
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Posted 7/6/06 2:28 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Who sets the closing date?
in the end its ultimately the bank that sets the time frame
When you do the sale binder you give an estimtated date on or about.
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| Posted 7/6/06 2:32 PM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: Who sets the closing date?
its a big pain in the neck, because everyone has to be able to make it, you the sellers, both real estate agents, both lawyers, mortgage people etc etc.
the lawyers i think are the ones who finalize it
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| Posted 7/6/06 2:33 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Who sets the closing date?
Sorry - I meant in regard to stating the closing date on the contract...who sets that? I thought the buyer puts the date on the sales agreement and that's what is used for contract.
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| Posted 7/6/06 2:35 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Who sets the closing date?
Posted by Ang-Rich
Sorry - I meant in regard to stating the closing date on the contract...who sets that? I thought the buyer puts the date on the sales agreement and that's what is used for contract.
thats how we did it, we gave them feb 19 as a closing date and we closed a month later...
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| Posted 7/6/06 2:40 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Who sets the closing date?
Posted by Ang-Rich
Sorry - I meant in regard to stating the closing date on the contract...who sets that? I thought the buyer puts the date on the sales agreement and that's what is used for contract.
the closing date is usually written in by the buyers attorney (on the contract)...and is usually 45-60 from the date of the contract.
hth
Message edited 7/6/2006 2:41:56 PM.
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| Posted 7/6/06 2:41 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Who sets the closing date?
Thanks everyone...so let me ask a question.
If someone were to have an accepted offer on a home and they sign a sales agreement that states a particular date to close (on or about) but the seller sends contracts over to the buyer's lawyers with an earlier date...what would you suggest?
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| Posted 7/6/06 2:46 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Who sets the closing date?
Our buyers gave the initial date but we changed it! So the date is negotiable.
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| Posted 7/6/06 3:01 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Who sets the closing date?
Posted by Kelly9904
Our buyers gave the initial date but we changed it! So the date is negotiable.
Did you move it back or forward and by how much? (If you don't mind me asking)
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| Posted 7/6/06 3:05 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Who sets the closing date?
Keep in mind that if they move it up it's still an "on or about" date which means "30 days after the date".
We moved up the date of our sale (last August)
Buyers had to be in fully executed contract within 5 days of us accepting the offer (before the next weekend, we emphasized to them that we would continue to show the house and if we received a higher offer and were not in contract we could go with the higher offer) and our "on our about date" was two weeks after that which ultimately gave them 45 days from the accepted offer date to close.
We moved it up because we had already purchased another home and didn't want to have to make two mortgage payments.
Our buyers were in an apt (which we preferred) so they could move at any time. We were not accepting a contract with any contigencies based on the sale of the buyers' home.
Message edited 7/6/2006 3:27:01 PM.
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| Posted 7/6/06 3:25 PM |
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Re: Who sets the closing date?
I think our lawyer said that either party can change the closing date by 30 days. I would ask before you sign the contract.
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| Posted 7/6/06 3:27 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: Who sets the closing date?
Posted by Ang-Rich
Thanks everyone...so let me ask a question.
If someone were to have an accepted offer on a home and they sign a sales agreement that states a particular date to close (on or about) but the seller sends contracts over to the buyer's lawyers with an earlier date...what would you suggest?
To be clear, are you concerned about coordinating the sale of your co-op and the purchase of your home? I think if the contract dates are in the same realm (a couple of weeks apart) you're fine b/c you're true date won't be determine until you have a clearer idea of a realistic date.
I think with the sale of the co-op, it's always hard to guess (even though standard is about 60 days), just b/c you never know how difficult it will be for your buyer to deal with your Board (if you have one).
Good luck! Hopefully your atty will do his or her best to coordinate your sale and purchase - generally they'll fix your sale for the morning, and purchase for the afternoon.
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| Posted 7/6/06 3:29 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Who sets the closing date?
Posted by Jessee
Posted by Ang-Rich
Thanks everyone...so let me ask a question.
If someone were to have an accepted offer on a home and they sign a sales agreement that states a particular date to close (on or about) but the seller sends contracts over to the buyer's lawyers with an earlier date...what would you suggest?
To be clear, are you concerned about coordinating the sale of your co-op and the purchase of your home? I think if the contract dates are in the same realm (a couple of weeks apart) you're fine b/c you're true date won't be determine until you have a clearer idea of a realistic date.
I think with the sale of the co-op, it's always hard to guess (even though standard is about 60 days), just b/c you never know how difficult it will be for your buyer to deal with your Board (if you have one).
Good luck! Hopefully your atty will do his or her best to coordinate your sale and purchase - generally they'll fix your sale for the morning, and purchase for the afternoon.
We would not have the contingency of the slae of the co-op. The two transactions will be held separately. With co-op we did not have a sales agreement in writing so we set the sale of the co-op and so far the buyer has agreed. I am more concern with the purchase of the home as a stand alone transaction. If and when I am ready to purchase, I want to be sure that I can have some influence over the closing date but I am confused over how this works.
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| Posted 7/6/06 4:04 PM |
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mushsgrl
LIF Infant
Member since 12/05 121 total posts
Name:
S
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Re: Who sets the closing date?
When we placed the bid on the house our RE asked what date we wanted to close. Now that we are in contract, the two attorneys will go back and forth with the date, until we reach one that is agreed upon
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| Posted 7/8/06 5:37 PM |
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Sharon
So Big... So Fast!
Member since 5/05 2959 total posts
Name:
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Re: Who sets the closing date?
Once the bank's attorney says title and mortgage are clear to close (all the paper work is done and no issues are outstanding), the Seller's attorney will contact all parties and get a mutually agreeable date.
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| Posted 7/9/06 3:09 PM |
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