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Advice For Pros · November 07, 2016 · AUTHOR: Udi Dorner

Timing the Closing for the Seller

timing-the-closing-for-the-seller Typically, closing happens four to six weeks after all of the paperwork is signed and worked out, although this process can happen sooner or later. As the seller, you are probably ready to get through this process and move on with your life. Here are some considerations to keep in mind for a smooth closing. Dates and Days to Avoid For the least stressful transition experts recommend closing on a Tuesday, Wednesday, or Thursday the first three weeks of the month. Title companies are often busiest the last week of the month. and Fridays are less than ideal because banks and other financial institutions have a busy day. The 1st, 15th and the last day of the month are busy days for institutions, so try to avoid those specific dates. And if you plan to take advantage of available tax deductions, be sure to get the closing process started well before the end of the year. During the holidays, financial institutions can be short-staffed or busy with holiday parties, which can lead to delays. If you have to close during the holidays, plan ahead well in advance so you can be prepared. The Paper Trail There all sorts of things that can delay the closing, from check errors to the check itself being lost in the mail room. The money itself can be the culprit if a buyer is told to bring a check but instead brings two. During the review if you happen to find a problem or error, this will have to be addressed before the closing proceeds. This why both you and the seller need to keep in touch with the agent, because only you can make the closing process proceed faster by getting all of the paperwork together. The Parties Depending on where you live, either all parties involved with the settlement will gather around one table or sellers and buyers will have separate signing meetings with a closing agent. In some states, the closing agent is the attorney. After the paperwork has been completed and signed, the seller will receive a check that goes to the proceeds of the sale. The buyer will receive the keys, garage door opener and any security codes. Should you live where a title or escrow company agent handles the closing, there will be two meetings; the seller’s agent or attorney will sign paperwork at one and the buyer and their agent or attorney at another meeting. The keys may be left with the closing agent, for pickup or an arrangement can be made for the buyer’s agent to deliver them after everything is signed. The two-person meeting closing is the fastest and easiest as there will be less paperwork. Either way you decide to do it, however as soon as these documents are signed, you have sold your house. Congratulations!   Contributor James Link

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