So often in a closing transaction we are most concerned with the date we close. A contract will have that date so all parties know what to work towards.
The closing date is set and agreed upon on the contract signed by all parties, usually several weeks from acceptance. This is negotiable between the parties and can change based on agreements made in writing.
When you sign a contract with a closing date of “on or about December 10,” that would typically mean you are planning to close that week, perhaps as early as December 6th or 7th, or closer to that exact date of December 10th. It does not mean that you will close 3 or 4 weeks earlier.
Although the closing date can be sooner or later due to circumstances, all parties must agree, and of course, all conditions and title work must be processed and completed.
For example, when you make a date to meet someone for dinner, usually you’ll plan where to meet and set a time, say around 7ish. You plan to arrive sometime as early as 6:50PM or maybe as late as 7:10PM and that is acceptable for the time you set…7ish. That doesn’t mean you are meeting at noon for lunch or at 7AM for breakfast.
Don’t just choose a date casually. Choosing the right date can ensure a smooth closing and help reduce your closing costs. Choosing the wrong date puts you at risk of not closing on time, needlessly complicating your closing.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: 3 Ways to Help Have the Fastest Closing Ever