In my contract, I have to specify when the closing date is. How do I determine this? Do I just pick any date?
30 days from the day you sign it.
Make sure you state 30 calendar days, business days, and also make sure you put the date, not just 30 days.
Great, thanks again.
You can put any amount of days. It may depend if you are eager to get the house or if you need time for an inspection or time to assign the house.
Usually, give yourself some time to inspect the house (usually 10 days) and also a clause to get out if that inspection is not good.
Also, a suggestion - don’t put the closing near the end of the week. It usually never seems to close on a Friday and is pushed to Monday or Tuesday. Use an early weekday. Also try not too close too close to the end of the month if possible. This all has to do with title companies and banks and delays and interest.
I always put “on or around 30 days”…that leaves you with breathing room in case something goes wrong. (provided everyone is ok with this type of verbage).
Don’t you think you should have a definite date? It obligates everyone (buy/seller/etc.) to get their work done to close - even the title companies - who can put you at the end of the pile if others are demanding a close. Been there before.
If you fear something will go wrong, make sure your purchase agreement has clauses to remedy that.