Asked by: Joaquim Pondasked in category: General Last Updated: 12th March, 2020
What does end date process mean?
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Also know, is closing date the same as possession date?
The closing (or completion) date is the date that ownership and title to the home is transferred along with the payment of funds from the buyer's lawyer/notary to the seller's lawyer/notary. The possession date is the date the buyer is entitled to take physical possession of the home/property.
Likewise, is a closing date set in stone? Most closing dates are open to negotiation, but some are set in stone, so check your contract to see if you can even make a change. That means a final closing date is set, but there's room in the contract for either the buyer or seller to ask the other party for some wiggle room.
Subsequently, question is, when can a closing date be set?
Provide at least 30 days from the time of the offer until the closing date. In general, most people set a closing date 30 to 45 days after the offer has been accepted. There are a few steps that need to occur between a final offer and the closing date.
What is a closing date in Scotland?
A Closing Date is a day and time, set by the seller's estate agent, by which time the seller's agent must have received an offer from anyone who wishes to submit an offer on that property. For solicitor/estate agents, Closing Dates are regulated by Law Society of Scotland guidelines.