Who Decides the Closing Date?
When buying a home or other property, the closing date is very important. After all, it’s the date when you officially become the new owner of the property! In most situations, the home buyer chooses the closing date as part of the offer to buy the home. The home seller must agree to the date and there must be sufficient time for a title company (or someone with the knowledge and skills necessary) to perform all of the required steps to ensure the title to the property is clear. If the home purchase will be financed, the mortgage company will also need sufficient time to process the loan.
Of course, the buyer must be reasonable when choosing the closing date. Neither a quick timeframe of 5 days or a lengthy one of 6 months in the future will be accepted by the seller or mortgage lender in most circumstances. A general rule of thumb is to set the closing date 30-45 days after the offer has been accepted by the seller. Give yourself a little wiggle room on your moving date, just in case any unforeseen circumstances slow down the closing time frame.
When deciding the closing date, the buyer should take several financial implications into consideration:
- A closing date later in the month will lower your closing costs, lowering the interest you have to pay on the house. However, you run the risk of complications if lenders become bogged down with closings or there are mistakes made, ultimately pushing your closing date to the next month.
- A closing date early in the month will give you a longer time before your first mortgage payment is due. However, you will incur more interest payments on the house.
If possible, a mid-month closing may be the best, financially-wise, decision.
Thousands of home buyers and sellers in Florida have trusted Clear Title in Northwest Florida to move seamlessly through the entire title closing process from start to finish. As the only title company in Northwest Florida that is owned by a Board Certified Real Estate Attorney, Clear Title is uniquely qualified to reduce stress during the home buying and selling process. Stephen R. Moorhead and his team have 100s of years of combined experience – you simply can’t find a more qualified, helpful team of closing experts in Pensacola.
To schedule a meeting with our experts and explore our Pensacola closing services, contact us today at (850) 202-8518 or visit ClearTitlenwfl.com.