OfflineDoes anyone know who sets the time limit on closings? meaning when you have a buyer how do you get an immediate closing? or at least in a week or two from contract signing
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Time limits on closings
Posted on: Wed, 11/17/2010 - 12:27
when financing.
For commercial, can take up to 90 days
For cash deals, from as little as one week to 30 days
is it possible to initiate closing dates sooner than the standard? and who sets the dates ?
generally come to an agreement but the sooner title clears and the buyer can come up with the funds, the faster the closing date
The contract should state the closing dates. The dates are a limit but it can be closed on or before the date stated in the contract. You can close anytime all parties are prepared to do so.
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The time limits are really set by the buyer and seller. If the seller has a escrow/title company that they work with, normally it is discussed between them, in regards to how fast they can work. I've seen deals close in as little as 10 days on the residential side. Remember that there's the documentation that needs to be recorded with the respective county, so that is yet another factor that you want to consider.
Jeremy K.