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The
Closing Date
It is
absolutely essential that you include a closing date as part
of your offer. This way both you and the seller can
make plans for moving. Though most transactions
actually do close on the right date, do not be so inflexible
that a delay creates insurmountable problems.
For example, if
you are renting and need to give the landlord notice that
you are moving, you may want to allow a little flexibility.
Otherwise you could find yourself staying in a motel with
your belongings packed in a moving van somewhere while you
pay storage costs.
Some buyers
believe that the closing date is also the occupancy date.
This is not necessarily so. Usually occupancy occurs
on the funding date or the day the deed is recorded at the
courthouse. Sometimes buyer and seller sign all
documents, but the lender is a day late in funding.
Thus the title company is a day late in recording and you
are a day later in occupancy. Usually these things can
be addressed prior to the day of closing.
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