month of July from the date of closing. If the closing is early in the month, say on the 10th, you would have to pay for 21 days, while if the closing is on the 25th, you will pay for only six days of interest. Closing toward the end of the month will reduce the immediate out-of-pocket expense. Make sure that your LO and or attorney have told you exactly what you must bring i.e. photo ID, type of checks etc. The closing date in the contract can mean different things in different states. In some jurisdictions it is a true to target. In some states, like New York, where the date is considered "On or About" it is more of a "guide". The closing can easily happen up to 30 days after the target date without any legal ramifications. Your loan officer will explain the protocol where you are making your new home. You and the seller must be clear about what that date means to each of you regarding your need to leave your old home and be in possession of the new one. A closing can be held in any agreed location. Most happen at an attorney’s office, or at the lender’s or title company’s offices. During the pandemic lockdown many were held in parking lots with an intermediary wearing a mask moving the documents back and forth to the participants sitting in their cars signing behind closed windows. Let's hope we don't see a repeat of that dance.
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