Closing Date

 

What's a closing date? Where does it come from? Who gets to pick it? And does it really matter? When we write an offer, closing date is one of the items we put in that is a negotiable item. We're going to talk to you. We're going to talk to your lender. Your lender is going to give us an idea of how quickly they can close.

Typically, it's about 30 days, so we're going to want to ask them and then probably add a few days to it. We put that in the contract. That goes to the seller. It's one of the items we negotiate. They might have different needs. They might want another week on the back end. We'll hammer that out, and we will come to an agreement.

Once we come to an agreement on all the terms of the contract, then that is the contract, and that's a contract date. That means you are legally required to buy your house on that day. You can't say a few days before, "Oh, shoot, I forgot about a big meeting I have at work. Can we switch it?" No. Everybody's been working for that day. It's on everyone's calendar from the very beginning, and that unless there are circumstances beyond our control, or if the lender hasn't done their job well, then we are closing on that date. About a week before, you'll get clear to close from your lender, and then again, from your lender, three days before closing, you will get your final numbers.

On closing day, you're going to want to take the whole day off. First, we're going to do the walkthrough. We like to do that right before closing, because at the walkthrough you're going to say this condition is satisfactory and I'm willing to buy the house exactly as it is right now. So we want that as close to closing as possible. Then you're going to go to the closing. You're going to sign a billion papers. The bank is going to wire your money to the seller, and I'm going to give you the keys.