Closing dates and legalities?

Question

if you are selling a house and you have a closing date can you push the closing date back a few weeks?

Answer 1

The contract would dictate whether you can do this or not. Usually, you can. There are contingencies in the contract for things such as mortgage, seller closing on a new house etc. You should talk to your realtor, or to the buyer directly if there are no realtors involved. Obviously, the best way to accomplish this is if all parties agree. Sometimes you can close and then pay rent to the other party. It doesn't make much difference to you except that you no longer have to worry about the transaction cancelling and the other party doesn't have to worry about things like interest rate increases.

Answer 2

It depends on where you are.

In some places, for instance in NJ, the closing date in the contract is merely an estimated closing date unless the date has been made a separate condition of the contract.

Since no one here has seen your contract or knows your location, your answer is maybe.

Answer 3

Only if the buyer signs to agree to it. otherwise you are defaulting on the contract if you do not close when the agreed upon date has passed.

Normally you can simply do an addendum and change the closing date, if the buyer is agreeable.

Answer 4

Realize that whatever date works for you may not work for the Buyer's lender, unless s/he is paying cash and isn't in the process of selling their home in order to purchase yours.