Why The Right Closing Date Can Make A Difference Who controls the closing date for escrow – the Buyer or the Seller?
When you make an offer to purchase a property, you will sign a Purchase or Purchase and Sales Agreement with the Seller. This document will be the binding contract and agreement between you and the Seller and the provisions in that document will spell out certain events which must take place before your escrow can close. Within the Purchase Agreement will be a provision for the scheduled Date of Closing. A date is normally filled in when the offer to purchase is made by the buyer. Once your offer is presented to the seller, the seller may choose to change this date before accepting your offer. Both you and the Seller will come up with a closing date which seems reasonable. The closing date should allow you enough time to apply for and obtain a mortgage, if you will be getting a loan to help finance your purchase, and the seller will choose a closing date which allows ample time to move out and find a new home or property. The closing date which is agreed upon should also take into cons
