Closing Question

[Salf777]

Hi
First Time Buyer here
Placed an offer on a resale, buyer and I agreed on a price. The Listing said cant close until end of December no problem. Contract had 24 points banked into 2021
Contract passes ROFR (very quickly less than 14 days) great. I get the closing documents sign and send back, deposit already paid.
Then I am told the seller had a vacation planned that was January then they moved it to December and can close at end of December, I wasnt aware this was due to a vacation being booked, this made me a little nervous as I was concered seller was using points that were agreed to me, but the agent assured me would get our points and the banked points.
So we sign the closing documents and send them back and ask title agent when they want the balance of funds as we could send anytime, what are the steps and what should we expect. The closing agents response was "I will make a note to look for the funds on January 6th to follow up on the funds?
So my questions are:
1. Shouldnt there be a firm closing date set like any real estate transaction or do they just close when everything is received?
2. Would you be concerned that seller could use points before closing and if so what are my options at that point?
3. Seller has not signed closing documents yet we did and sent back about a week ago, is this normal course of business?

Sorry if these are odd questions just our first contract and excited

 

[Lumpy1106]

Relax - sounds legit. The planned vacation was likely the only reason for the delayed closing. The points are spoken for when you make the reservation and you can't close until the points are used.
FWIW - We initiated our purchase in Jan 2019 and didn't close until August 2019 for the same reason. As long as the points you agreed to are all there, it shouldn't be an issue.

 

[RoseGold]

The title company checks the points before they close the contract. If they used more than was agreed, your contract should explicitly say what happens. Probably, you can walk out, or there's an agreed amount in your contract.

Your contract does have a firm closing date, but they can close early, which sounds like what is happening.

Delayed closing is usually because of a trip. I have one pending right now. It's not a big deal at all, people do it all the time.

 

[Salf777]

Relax - sounds legit. The planned vacation was likely the only reason for the delayed closing. The points are spoken for when you make the reservation and you can't close until the points are used.
FWIW - We initiated our purchase in Jan 2019 and didn't close until August 2019 for the same reason. As long as the points you agreed to are all there, it shouldn't be an issue.

Thank you!

 

[Salf777]

The title company checks the points before they close the contract. If they used more than was agreed, your contract should explicitly say what happens. Probably, you can walk out, or there's an agreed amount in your contract.

Your contract does have a firm closing date, but they can close early, which sounds like what is happening.

Delayed closing is usually because of a trip. I have one pending right now. It's not a big deal at all, people do it all the time.

Thank you!