When does the closing take place after the buyer and seller enter into a binding agreement?
Customarily a closing will take place within thirty to sixty days after the binding agreement date stated in the contract. Unavoided delays due to financing can cause the closing date to be extended. Once a loan application is submitted to the lender from the buyer the agent does not have control over the loan process. Generally 2 to 3 days are given to the seller to vacate the home after closing and that is rent free. A provision for the occupancy date is a negotiable term of the contract found in the Purchase and Sale Agreement.
