DELAY IN CLOSE OF ESCROW

If you’re in the process of purchasing a

home and your close of escrow has been scheduled, great!  Just don’t change anything.  The new disclosure requirements may delay your closing.  Be sure that you continually check with your lender to make sure you’re still on schedule.  ANY change to the mix, i.e., rate change, will require additional days for “disclosure” requirements.  Keep in mind that weekends and holidays are not “business days”.

When writing a contract language has been added to the effect that any delay in the close of escrow because of the new disclosure requirements imposed on lenders shall not be the fault of the buyer.  If you do not cover yourself, you could be charged “per day” for any delay.  So, be sure that the language is in the contract.

In today’s marketplace (especially so), an informed buyer is very important.  Make sure that you have an open relationship with both your lender and your realtor.