This is a continuation of the offer process as we dive a little deeper into the offer terms to negotiate. Now, let’s talk Closing and Possession Dates.
Generally, the closing date is dictated by your financing. If you are paying cash then your closing date can be as quick as 7-10 days, or as agreed by all parties.
If you are obtaining a loan for your purchase then your closing date will need to be 30-45 days so the lender has time to process everything. Possession can be at closing or delayed for a couple of days or rented back to the seller for an extended period of time. If you decide to allow the seller to stay in the property you will need to adjust your homeowner's insurance so that you are only covering the structure and not the seller’s contents.
Having a professional like myself on your side will help you navigate all of the details and get you to the closing date just as you were contracted. Our next topic is Inspections and timelines so follow along. Bye for now.
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