Home Buying Advice - The Closing Date
The closing date and its role in the real estate contract.
The Real Estate Closing Date
A closing date gives the buyer and seller a date around which they can make plans to move. This date is included in the offer, and can be negotiated back forth during the contract negotiations, for example, the seller may want to move the date further out so they can find a new home. This is the date that the ownership of the property is transferred from the seller to the buyer.
Most transactions close on the specified date but every now and then there is a delay, so you must be flexible and ready to make arrangements if this occurs.
In Utah the closing is usually performed in escrow by a title company (in other parts of the country this can be done by a lawyer). The title company holds the funds in escrow, and arranges for the transfer of the property when the closing process has been performed. They make sure the seller gets their money, any third parties are paid (for example the real estate brokerage) and the title is transferred to the buyer. This process provides protection for both parties and ensures an orderly and timely transaction.Return to Home Buying Advice