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Purchase contract specifies closing and possession on Wed 30 Dec 2009, but seller, citing tax reasons, then asks buyer to agree to recording later, on Mon 4 Jan 2010. What are risks to buyer?
Ask the closing attorney. I don't know that it would be recorded on the 30th or what the point of waiting is, but I'm also not familiar with your location.
As Brandon said, may depend on your location. In AZ, the closing date should be the date of recording and usually possession depending on contract terms (closing docs are signed earlier). Buyer should review with lender to see if it effects any loan requirements, like a rate lock. Also increases risk that something else may come up financially to cause an issue with loan. The buyer is not required to agree to an extension and can require the closing to occur as contracted. Of course, this may make the seller less cooperative on dealing with other issues.
The recording date is never the same as the closing date in TX. Recording is done at the county records and considering the holiday weekend this year, the earliest I see any recordings would be after the 4th.
I've seen deeds recorded as late as 3 weeks after closing. The change of ownership date is still the funding date, just the recording date is different.
The recording date is never the same as the closing date in TX. Recording is done at the county records and considering the holiday weekend this year, the earliest I see any recordings would be after the 4th.
I've seen deeds recorded as late as 3 weeks after closing. The change of ownership date is still the funding date, just the recording date is different.
Naima
Interesting difference to AZ. We can't hand over the keys to the new owner until the deed of trust has been recorded (the closing date per contract). It's usually done electronically between the title co and recorder's office. If the closing date is a holiday or weekend, recording and closing would be delayed to the next business day.
Could affect the buyer's tax deductions for the current year, but he should have done some research before he agreed to this.
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