offer, the buyer will include a closing date and, depending on the seller’s circumstances, it may be acceptable or could be countered with other terms. Don’t choose a date casually. The right date can ensure a smooth closing and reduce closing costs; the wrong date puts the homebuyer at risk of not closing on time, needlessly complicated the move, increasing expenses, and even losing your new home. Expenses are prorated through the closing date rather than through a specific calendar date, so generally there is no inherently “better” day of the month to close. However, in financing a mortgage there are some differences in what is collected as a prepaid item and when the first mortgage payment is due.
Some advice and tips:
• Give yourself enough time. Don’t set a short closing date unless you are paying cash. There are many steps with a home purchase. It takes time for the loan process. A short closing date might predate final loan approval. • Avoid closing at the end of the month, if possible. This is the busiest time for the various agents involved, and unexpected issues are better dealt with if title officers and lenders are readily available. • Make your closing align as closely as possible with the actual move from your old residence to your new house. Ideally, your move should be from one to the other without a hotel stop in between. • Arrange with your local utility companies to ensure they can start service on the closing date. Living without water, heat, air-conditioning, or internet access until they
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