As the closing date approached the sellers found out X ≠ Y.
Completion dates for newly constructed homes are not fixed in stone. Closing dates on re-sales are somewhat more predictable.
Fortunately, the buyer and seller came to an agreement on a closing date adjustment.
The Florida real estate contract contains the sentence "Time is of the essence." Perhaps "essence" would be more effective if it was replaced with "critical."
This new Closing Disclosure must be provided to the buyer/borrower at least three business days before closing. If changes occur this could be cause for another three day waiting period. The key here is to make sure everyone in the process understands the time requirements for the transaction.
I heard it said today that parties should avoid domino closings such as mentioned above as well as situations where the moving van motor is running - at least until the new system is learned.
If a mortgage is involved I would definitely recommend looking at 45 days from contract acceptance to a closing, for now.
The real estate purchase/sale process is stressful enough. Being aware of the time requirements in the contract as well as the process will make for a smoother closing. If you are new to the home buying process, just give me a call if I can help (321-693-3850).
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