Princeton Town Topics – Let’s Talk Real Estate – July 7, 2021
WHY DO LAST MINUTE CLOSING DATE CHANGES HAPPEN?
What do you do when there are last minute changes that delay your real estate closing date? Early in the transaction process, the target closing date may change several times. Sometimes complications or processing delays can result in a last-minute change.
Common complications that can affect closing dates at the eleventh hour include delays with the mortgage loan process, title insurance issues, or inspection problems. Occasionally, unforeseen events such as natural disasters can stall a closing.
In some cases, the parties involved have some room to be flexible if the closing dates change by a few days. But if one closing is dependent on another, the situation can become more complex.
Provisions can be made to accommodate last minute changes, if necessary. For example, there are ways to allow the buyer to move in early, or the seller to remain in the home for a few days. Sales contracts can be amended. But one of the best ways to prevent many last minute issues is to have realistic contract timelines from the start.