Delayed closing q

[HFJohnson]

Hi

My resale contract has a delayed closing date of 16th August so two or three weeks to go yet. Looking at the closing time thread I can see that it can take around 3 weeks from returning docs to closing - does that mean that the contract can be worked on in advance of the closing date or can nothing be done until 16/8? I signed the docs last week but I haven't heard that the sellers have signed them yet - should I be pushing for this to be done? I'm holding off sending the money over until they have.

 

[VGCgroupie]

This depends on your title company and what they are willing to do. Some will work to have it all ready to go some won’t.

It may not take 3 weeks, the time heavily relies on how long it takes the sellers to sign in addition to title handling the docs.

 

[waynesburg60]

We closed on a delayed contract in May. We closed a week after the date because our closing agent was out of town otherwise it would've been sooner. We passed ROFR and we were waiting for about 2 extra weeks for our date to pass. When it did and our agent got back we sent the funds and closed in a day. Then waited for Disney to do their part.

 

[Sandisw]

They can close it as soon as they have all the documents on that date.

 

[HFJohnson]

Thanks for the replies. The broker has now confirmed that they have the seller's documents so I will get the money over to them this week and wait for the closing date.

 

[VGCgroupie]

Thanks for the replies. The broker has now confirmed that they have the seller's documents so I will get the money over to them this week and wait for the closing date.

Congrats!

 

[MICKIMINI]

I just bought another resale contract with an (after) October 1 closing date. I have another closing in September. They can essentially have everything ready to go. Delayed closings are typically due to a reservation so the seller has to check out first and can close the next day. Should work out just fine!

 

[mauionabreakaway]

This depends on your title company and what they are willing to do. Some will work to have it all ready to go some won’t.

It may not take 3 weeks, the time heavily relies on how long it takes the sellers to sign in addition to title handling the docs.

Mine didn't seem to do any document prep until RofR passed, which was a huge bummer. I'm assuming they're not going to do anything further until the sellers sign. I would avoid using them again I think.

 

[HFJohnson]

Mine now have the documents signed by both parties and all the remaining funds. I've had an email to say closing will take place no earlier than 16th August (the previously agreed date) so I'll want and see how long after that I get an update. They've certainly been fine so far - the closing docs were sent within a day or two of ROFR being waived.

 

[HyperspaceMountainPilot]

Mine now have the documents signed by both parties and all the remaining funds. I've had an email to say closing will take place no earlier than 16th August (the previously agreed date) so I'll want and see how long after that I get an update. They've certainly been fine so far - the closing docs were sent within a day or two of ROFR being waived.

We used a well regarded escrow agent with a delayed close, wired the money a day or two before that date, having confirmed all signatures were in order, and then actually closed day after— often the sellers also want to close ASAP to get their money. If your docs are all in a row I think you should close by the 18th (I think 8/16 is a weekend?) and I would send an email on the 14th or so to inquire and confirm.

 

[DanCali]

I agree - if you send everything a few days in advance you can close very shortly after the designated date.

You should also ask the broker and/or closing agent to double check the points on the contract. Remember that from the time you signed and till the the time you close it's probably been a few months (we had one that was delayed ~9 months) and the seller had the opportunity to use the points even inadvertently. You just want to make sure you're getting whatever points was agreed to.