Closing on a Home Tips
Closing on a home can be a relieving thing, but you may be wondering about the details. Here are a couple tips you will want to know when closing on a home.
Closing on a Home Tips | Being Out of the House when The House Closes
One of the questions that I often get right on the on-set where people would come in and had their contract in front of them is “Do I have to be out of the house when I close on the transaction?” and in these standard contracts it says that the buyer is entitled to occupancy at the time of settlement. So, if you’re going to have any difficulties in vacating the property on the date that is set forth in the contract to vacate and close on the transaction, then you need to let your attorney know immediately. Sometimes we’re able to work out a post-occupancy arrangement and see if we can get allowed you to stay in the house 2 or 3 days, a week or two after the closing to accommodate whatever your situation might be, but the answer to the question is yes, you must be out on closing.
Closing on a Home Tips | Length it Takes to Close on a House
If you’re considering selling your house, you can expect that a closing can take place usually within 60 days of the time that you entered into a contract of sale. The contract of sale itself has a period by which the purchaser is to acquire the financing, usually that’s between 30, maybe 45 days after the contract is signed. And, we’re going to close about 60 days after the contract’s been signed. Please keep in mind, that the date set in the contract for closing is only a target date for closing. You can’t decide for your movers to move you out on that date nor should you turn off your home-owners insurance or transfer the utilities because that target date may not happen. We could close a little bit before; we can close a little bit after that date.
If you need legal guidance when closing on a home, please call Buffalo real estate lawyer Randy Gugino for a free consultation!