The Importance of the Closing Date
Often times the closing date is a moving target. At times the transaction will be ready early. However, it must be agreed upon by all parties that the file will close before the date on the sales agreement. One side cannot make that decision alone. There are times when the lender is ready and would like the file to close early. The lender is not able to make that decision either. It must by the buyer and seller that want to move up the closing date.
On some transactions, the closing date will need to be extended. If the date cannot be met by either side, then an addendum signed by buyer and seller will be needed to extend the closing.
Whether the close of the transaction is early or late, communicating that to escrow as soon as possible is very important. Time is needed for escrow to prepare documents, update documents, order updated payoffs, schedule signing appointments, have funds deposited, etc. Buyers and sellers do not always understand that escrow needs this time to make sure documents and calculations are correct. A simple change of date at the last minute may mean more money for the buyer to deposit at closing or less funds that the seller will receive in proceeds. Help your escrow team stay on top of the closing date so we can help provide you and your clients with a smooth transaction.
If you have any questions please reach out to Robin or your favorite Ticor Title Escrow Team!!
Robin Sullivan
Branch Manager & Sr. Escrow Officer
Ticor Title Albany
SullivanTeam@TicorTitle.com
