Your closing date is one of, if not the most important day in your real estate transaction and can be critical to both the buyers and the sellers. When closing around a holiday, may it be Christmas or MLK Day, there are certain variables that could affect the transaction, that both parties should keep in mind.
Closed Offices – Title and lender companies often are closed on holidays. By looking ahead and communicating beforehand with each office, you’ll save yourself a headache!
Actual Closing Date – Due to businesses and their offices being closed, this date may be adjusted a day or two, depending on when it was originally set. By being proactive and preparing beforehand, you’ll help avoid the chance of delaying your settlement.
Distribution of Funds – Closing right before a federal holiday may impact when and how funds are distributed from the buyer, seller and other financing parties. It’s always a good idea to connect with your settlement agent on how your transfer of funds could be affected.
Delayed Appraisal/ Inspections – A holiday can influence and take away days in your inspection and appraisal period. In order to avoid stress and down-to-the-wire decisions, be sure to avoid a headache and schedule your appraisal or inspection as quickly as possible.
Recording of Mortgage – Finally, speak with your mortgage professionals to see how your closing date can affect recording your mortgage as well as your rights to a rescission if applicable. A closing right before or on a holiday can affect recording your mortgage within the county offices.
Staying organized and ahead of schedule will mean the difference between a stressful memory and a happy one. Closing on a home should be a wonderful day and the start to a new chapter in life!
If you are interested in Manzanita Real Estate or Surrounding areas. Please feel welcome to reach out.
Tosha Reinmiller
Principal Broker
Living Room Realty – Manzanita
(541) 231-5829
tosha@livingroomre.com