What The Seller Should Consider When Scheduling A Closing
Introduction
As you know, timing is critical when scheduling the
Closing. Here are a few things to consider:
- Current living situation. Since you will be moving out of a house that you are selling, you'll be juggling two closing dates. Most people need the cash out of the first house to pay for the second house, so schedule the closings in the right order. Be careful. You may not want two closings in one day. However, it's over in one fell swoop.
- Mortgage considerations. Make sure the closing date is set before your Lender's Commitment or any Interest Rate lock expires.
- Work schedule. Though most well-run closings last only about an hour, you don't want to try to squeeze this into a lunch break. Things can go wrong. This is a huge day in your life, so take at least a half a day off from work.
- Moving. If you plan to move the day you close, schedule the paperwork as early in the day as you can.
- Yearend. If you are scheduling a closing at the end of the year, keep taxes in mind. Any Points and interest paid before the New Year can become deductions for this year's taxes. Check with a Tax adviser for the timing of any other deductions.
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