Question: How Do Closing Dates Work?

How does a closing date work?

The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted.

On the closing date, the ownership of the property is transferred to the buyer.

In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer.

Who decides the closing date?

Choosing a Closing Date

In most cases, the buyer chooses a tentative closing date and makes it part of the offer. The contract usually states that closing will occur “on or about” that date.

How far out can I set my closing date?

Provide at least 30 days from the time of the offer until the closing date. In general, most people set a closing date 30 to 45 days after the offer has been accepted. There are a few steps that need to occur between a final offer and the closing date. You must allow ample time for these steps.

How does closing date affect first payment?

When you buy a home you will have a date on which you close the mortgage. On closing day, the loan starts and the transaction is completed. Your first mortgage payment will be due one month after the last day of the month you close. Your reoccurring monthly payment will be due on the first of each month.