I'm in the midst of closing in on my first deal involving all cash financing. I signed the contract and put up the good faith deposit 2.5 weeks ago on the 16th. The attorneys initially gave the 10th of November as my tentative closing date. Since this is a cash deal I had assumed I'd be able to close much sooner than 4 weeks. I've made it clear to both my agent and attorney I'd like to close ASAP.
Can someone give better insight to what is happening? I know there is a title search that needs to complete. Is this the normal time frame? If not what should I do differently next time? I'm about to reach out to the attorney directly but would like to be educated on what I can do differently for my next deal. Thanks in advance!
Whether a deal is cash or financed, the title company still needs to go through the same process.
Title search, survey (if required/requested), examining title, preparing title report/title commitment, obtaining tax certs, getting final water readings, gathering payoffs, HOA, condo dues, adjusting pre-paid and unpaid items, preparing settlement statement. These things all take time especially because they require third parties to cooperate and provide information which is verifiable.
The quickest you're ever going to close is probably 1 week. Most people plan for 2-4 weeks.
@Tom Gimer thanks for the info.
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