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Here is a general list of what happens on closing day. Lender wires funds to closing attorney/settlement; Buyer wires their funds to closing attorney/settlement agent (assuming the buyer chooses wire over certified funds check) Sellers sign their side of the closing documents (often the sellers sign prior to closing day)
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Failing to close on the agreed-upon date would be a breach of contract (assuming that the closing date was one of the contractual terms). However, not all contractual breaches are created equal.There is no single answer as to what happens if the seller can’t close on time.
There could be. It depends on the reason why the buyer doesn’t close on the contract date. If both parties do not agree to extend the closing date Buyer may be in default of the contract meaning he or she did not perform and in that case Seller can terminate the contract Buyer could lose their earnest money and the Seller could take legal action if additional damages are incurred.
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The closing is handled by a neutral third party closing agent such as a title company or a real estate attorney. At a closing, major events include: A home’s title (and the keys) are transferred from seller to buyer. The proceeds of the sale are distributed to the seller. If the home is financed, the buyers sign the mortgage note.
Closing day typically happens four to six weeks after you sign the sales and purchase contract, though it may take longer. The closing process itself may take several hours. Once all the papers are signed, you’ve secured your mortgage and the closing is officially complete, you’ll receive the keys to the property.
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Buyers often have contingencies to satisfy prior to closing, typically related to financing and home inspection. If the bank raises some last minute loan issues, or a home inspection reveals some major flaws in the property, the buyer will not be ready to close on the due date. What happens next depends on the language of the purchase agreement.
By the time you finish this guide, you will know exactly what happens on closing day, and what to expect. The actual sale of your home takes place at an attorney’s office or title company through a process called a "closing" or "settlement". During the closing, ownership of a property is transferred from the seller to the buyer.