How will I know when I can close on my purchase or sale?
Each party will likely be represented by an attorney. If a lender is involved, they will also have their own attorney. It is up to the lender to issue a “clear to close” on your loan. Once all the title documents have been prepared and approved by the bank attorney and all documents the lender requested from you are submitted then a “clear to close” may be issued and a closing date may be scheduled.
If yours is a cash deal and no lender is involved, you have only to wait for the title documents to be prepared and accepted. Then a closing date may be set.
It is important to remember that the anticipated closing date set forth in the contract is a target date. It is not set in stone. There are many issues that can arise to which will delay a closing. The assistance of a competent attorney can help to avoid such delays.
Whether you are a Purchaser or a Seller, it is important for you to understand the terms and conditions of your contract and how they affect you. An attorney’s advice and direction are important from the minute you decide to buy or sell a home until the closing and sometimes after.
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