Your real Estate agent will typically negotiate a closing date based on the time that it takes for a lending institution to process a loan, and for any contingencies you agreed to in the purchase agreement to be satisfied.
In most cases, thirty days is generally required for the borrower’s loan to fund, and for all the necessary inspections to be completed. Another factor to consider is contingencies written into your purchase contract.
A home sale contingency is one type of contingency clause frequently included in a Residential Purchase Agreement (RPA). With a home sale contingency in place, your transaction is dependent (or contingent) upon the sale of the buyer’s home.
If the buyer’s house sells by the specified date, the contract moves forward; if it does not sell by the specified date, the contract is terminated, unless both parties agree to a new closing date.
All cash transactions can close much sooner.
Leave A Comment
You must be logged in to post a comment.