By Warren McNeil

The closing date is the date when both parties expect to complete a transaction. This is when the documentation is completed, all monies are paid out and the property changes hands. This date can be anywhere from 30 days to 60 from the date of the agreement. In some cases this date might be longer in new home construction transactions. Sometimes sellers will want to negotiate on closing date if they are buying a brand new home (new home construction). They could end up having to wait 120 days or longer. Rather then stay with friends/family or rent a trailer, it might be more desirable to have a longer closing on their existing house. If a patient buyer is willing to accept the sellers closing date, they might be able to save a little money off of the price. The opposite is also true, if a seller needs a quick closing. Other important dates such as title search and condition dates need to be completed before the closing date.

Your realtor can help you negotiate the best closing date when buying or selling your house.

Thanks for reading!