All points in the purchase contract can be negotiated, and once again, knowing the market is key. In a hot seller s market you may have to make a high offer and cross your fingers as you compete with other buyers, while in a slower buyer s market you can start with a lower bid and move up. You re in the position of power. The closing date is a mutually agreed upon day generally two weeks to 90 days after your offer is accepted when ownership officially changes hands. On closing day the mortgage begins and the down payment and closing costs are paid, final documents are signed, and the deed goes to the courthouse in the buyer s name.
Closing is when the buyer officially owns the home, possession is when the buyer moves in.
Organize all the documents associated with the transaction in one place. Your home-buying file should include the purchase agreement, the title, loan records, closing data, inspection reports, insurance forms, and tax records. This small step can save big headaches come tax time or the day you re-finance or sell your home. DiTech Funding's revolutionary high tech, centralized loan origination and processing system enables the company to complete loans faster than most others in the industry. The Web Copyright 2000 ABC News Internet Ventures.