Closing on SSR

[joeandmel]

Here is my question. I received my closing docs and they are all dated 4/28/11. If all the docs are in and signed, and the money is there can they close earlier then the date on the docs? Thanks

 

[Sandisw]

Yes, they will close the contract as soon as possible after everything is received.

Congratulations and good luck!

 

[mjc2003]

Here is my question. I received my closing docs and they are all dated 4/28/11. If all the docs are in and signed, and the money is there can they close earlier then the date on the docs? Thanks

I received my closing docs late wednesday of this week (4/6). The close date was 4/22. I asked the same question, and was told to get the stuff in as fast as possible. I wired the money and faxed the docs Thursday. The wire doesn't show up until the next day. I received an email yesterday stating that they had received everything they needed from me. I asked if the 4/22 date was set in stone, and was told no, they can/will close earlier assuming the seller gets the paperwork in. So, to answer your question, it appears they put sort of an arbitrary close date but will indeed close earlier if they have everything, but don't hesitate to pester them and certainly follow up after sending in anything to make sure it's been received.

 

[joeandmel]

I received my closing docs late wednesday of this week (4/6). The close date was 4/22. I asked the same question, and was told to get the stuff in as fast as possible. I wired the money and faxed the docs Thursday. The wire doesn't show up until the next day. I received an email yesterday stating that they had received everything they needed from me. I asked if the 4/22 date was set in stone, and was told no, they can/will close earlier assuming the seller gets the paperwork in. So, to answer your question, it appears they put sort of an arbitrary close date but will indeed close earlier if they have everything, but don't hesitate to pester them and certainly follow up after sending in anything to make sure it's been received.

Thanks for the advice. Here is my next question how long after closing are you in the system for booking and banking?

 

[JimMIA]

The dates that are set in the contracts are extended a bit to allow for one party or the other being on vacation, etc. at some point in the festivities. Most ot the time, things happen early.

Once the legal niceties are taken care of, the actual closing date depends on how quickly the seller and the buyer get their paperwork and money in. If both parties respond promptly, the closing can happen quickly.

 

[JimMIA]

Thanks for the advice. Here is my next question how long after closing are you in the system for booking and banking?

Generally, about a week to 10 days. Sometimes, a buyer will call MS and find that the account has been transferred, but there are no points in the account. Don't panic -- that's normal. The points usually appear the next day, and once they're in you can do anything with the account you need to do.

If you think you will be closing close to a banking deadline, ask the seller to bank the points for you. That's easily done through your broker.