Can I Close in Two Weeks?
Buyers and sellers often ask how quickly a real estate transaction can close. Unfortunately, it’s an impossible question to answer with certainty because we don’t yet know what the transaction will involve. Every closing is different, and requirements can vary depending on the property and the jurisdiction.
For example, some jurisdictions require a final water bill, which can take up to ten business days to obtain. Some properties are part of a homeowners’ association, which must provide a closing letter. (HOA management companies will sometimes expedite this letter for an additional – and often significant – fee.) Other properties may have a Partial Second Security Deed with HUD. This is far from a comprehensive list of potential issues.
While many of these items can be resolved, they often cannot be cleared within a week or two. Much depends on how quickly and accurately all parties respond when information is requested. Closing attorneys cannot request mortgage payoffs without the mortgage account number and the borrower’s written authorization. If the payoff involves HUD, it may take at least a week to receive.
Closing in two weeks is possible if there are no issues, payoffs, HOAs, or liens – but that is a rare situation. It also typically means the buyer is not performing due diligence on the property, which is usually a mistake. Reviewing title, clearing liens, proofreading the legal description, and verifying the identities of all parties takes time. When a closing is rushed, buyers and sellers are also more likely to receive final numbers only on the day of closing.
John C. Bennett is a real estate closing attorney and owner of Origin Title and Escrow, Inc.. Since 2003, Origin Title has handled real estate transactions – purchases, refinances, reverse mortgages – quickly and professionally. There will be no surprises, nothing misunderstood. Title searches are thorough and well-reasoned, to avoid unpleasant surprises later down the road. Calculate your closing costs in Georgia or Florida using our calculator or contact Origin Title using this form.