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Closing Date: It’s All in the Closing Details

Real estate law: closing details

(Image courtesy of Mark Moz/Flickr)

35 years ago, a wise law school professor taught me that there were only three simple items that need to be stated in a real estate contract for the contract to be enforceable:

  1. The what: the property description or simply an address.
  2. How much: the price.
  3. When: the closing date.

Since then, I am constantly surprised at how many experienced real estate agents forget the importance of that third point. I have seen real estate agents agree to a deal when the closing date timing will not work out for either party – seller wants to close after a certain date while the buyer will be homeless well before that date. This can cause so much frustration and can easily lead to the deal falling apart.

Remember that the closing date is as important as part of the deal as the price. Make sure it’s clear in your offer.

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