Real Estate closings involve a number of moving parts and feature a variety of key players. From the buyer to the seller to the agents to the lender to the surveyor to the inspector, each party is dealing with a time frame and wants to ensure a smooth settlement.
An important part of ensuring a smooth settlement is choosing a realistic closing date. The last day of the month seems to be the most popular day for closing, and unfortunately the most crowded. If the last day of the month falls on a Friday, it is entirely possible that the closing may not be completed by the end of the day. The loan package and the final lender review could be delayed, and the actual settlement may get backed up with last minute closing problems. For example if the well needs to be treated, there is an automatic 3-day delay. If the Seller has an FHA loan to pay off, any delay in closing may result in the loan payoff increasing by an additional month of interest.
One way to avoid the panic of a delayed closing is to be reasonable when choosing a closing date, remembering that many puzzle pieces must fall together. Remaining flexible and keeping opens lines of communication with the parties involved will help to ensure a smooth settlement.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello