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Monday, November 11, 2019

Here’s What Buyers and Sellers Must Know About Real Estate Closing Dates

There is often confusion among buyers and sellers regarding real estate closing dates. And when a real estate contract requires that closing take place on or before a certain date, careful negotiation by a Connecticut real estate attorney is imperative to ensure a positive outcome. If you are planning on buying or selling a home in Connecticut and have questions about the closing process, please review the information below, and contact a Connecticut real estate attorney for additional information.  

Sometimes the closing date isn't really the closing date

When entering into a real estate transaction, buyers and sellers must understand that the closing date  in their contract may not be the date that closing actually occurs. In fact, unless a real estate contract contains specific language ("time is of the essence") in reference to the closing date, the date serves merely as a guideline. The actual closing date can be affected by many things, including: 

  • The existence of outstanding title issues
  • The need to obtain permission to close from the buyer's lender
  • The need to confirm that the property is in acceptable condition 
  • The need to confirm that the seller has made necessary repairs
  • The need for additional time to prepare documents

Don't give the other party additional leverage over a closing date

As soon as a buyer lets a seller know that he or she must close by a certain date, the buyer gives away his or her leverage in negotiations. For example, when a seller knows that a buyer must close by a certain date, the seller can refuse to meet the buyer's demands regarding the transaction. This may include demands to:

  • Lower the price of the property
  • Give the buyer a credit
  • Make certain repairs after an inspection

And when a seller lets the buyer know that he or she is about to purchase a different property and needs the proceeds from the sale to close on the new property, this gives the buyer more leverage in negotiations. The buyer can then, knowing that the seller is much more likely to agree to his or her demands due to time constraints regarding the other property, make demands of the seller that he or she would otherwise consider unreasonable.

Contact a Connecticut real estate lawyer 

Real estate transactions can be complicated, and it’s important to ensure that no important details are overlooked during the process, particularly regarding closing dates. At the Law Office of Benjamin S. Proto, Jr., our experienced Connecticut real estate professionals keep buyers and sellers apprised of their rights and duties as they navigate the residential and commercial real estate transaction processes, helping to ensure that all deadlines and requirements are met along the way. Therefore, if you are interesting in buying or selling residential or commercial property in Stratford, Bridgeport, Milford, Trumbull, Shelton, Fairfield, Orange, Derby, New Haven, or anywhere else in Connecticut, please contact us today for a consultation. 

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