Typically, the buyer will chose a closing date when they make an offer on a property. It is always wise to discuss your closing date with your lender prior to making an offer. Lenders will typically need a maximum amount of thirty days to process and close a loan. If you're purchasing with cash then you could potentially close as soon as one week, the attorneys office will need enough time to pull a clean title showing the home is free and clear of any liens and has a good marketable title.
There are times when the seller will choose the closing date. They may need extra time to move depending on their specific situation. At this point, the buyers and sellers agent can negotiate back and forth to agree upon a date that works for everyone's schedules.
Sometimes the seller will ask for temporary occupancy after closing. In this case, the seller will have a pre-determined amount of days after closing to remain in the home. The buyer has the option of negotiating an amount of money per day to allow the seller to remain in the home. A temporary occupancy agreement would need to be signed by all parties and added to the contract in the event of allotting the seller days after closing.
Closings never take place on a Saturday or Sunday or any national holidays that the banks would be closed.
Written by Ashley Whitlow, Closing Coordinator