Timeframe for closing property transactions
The timeframe can vary on a case-to-case basis, however, if it’s a resale, meaning conveyable title is available, the closing can take from 45 to 60 days.
You need to bear in mind that if you are purchasing on a pre-sales basis, depending on the phase of construction, it can take 6 to 24 months.
It is most important that the purchase agreement to be executed by buyer and seller, contains clear language related to:
- certain delivery date to deliver the physical possession and
- certain date to transfer title
In the event that the purchase agreement does not contain such dates, it could be considered null and void and the risk is that the seller can take forever to deliver title or possession without any actual legal repercussions.
Under no circumstance allow the sellers or developers attorney also advice or “represent you” there is a clear conflict of interest and such attorney will not be protecting your best interest.
