Every real estate transaction has three key dates. Each must be clearly spelled out in the offer and adhered to-or the deal is off.
- The first: the irrevocable date, how long the seller has to accept a buyer’s offer.
- The second is the requisition date-when any issues arising from the title search must be reported to the buyer’s lawyer.
- The last is important to both buyers and sellers-the closing date- when money, title and keys change hands.
Agreeing on it may be the hardest part of the negotiations. Whenever possible, avoid closing on Fridays, the end of the month, and before long weekends.
- Buyers who close then often face delays getting keys, and a higher moving bill.
- Sellers discharging mortgages can face a financial drain, too.
- If the funds reach the lender late after a Friday closing, three extra days’ interest is payable-four on a long weekend.
- Whenever possible, steer clear of rush hour in the registry office when choosing a closing date.