Who sets the closing date?
Either buyer or seller may set the closing date, both parties must agree to the date, and generally the buyer puts his request for a 30, 60 or 90 day escrow in the original purchase agreement. The seller may request a shorter or longer escrow, depending on his circumstances, and as long as the buyer agreed, that date will be set. Generally, a "financing contingency" is put into the offer to purchase in which the buyer is given a specified amount of time to obtain a mortgage. Once the buyer has a firm commitment from a lender, the actual closing date can usually be set. Be sure, if your are the buyer, to set the closing date prior to the expiration of your lender's loan commitment or lock in date for your interest rate.
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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