Keep title open for a year?

[Cliff T.]

Hey BP!

Happy Superbowl weekend. I'm closing on a property in Philly in the next week and want to get your advice on one of the pgs that I need sign as part of my closing docs.

I'm paying all cash for the property and there's an option to keep the title open for a year. Presumably one would want to keep the file open if he/she is planning on getting financing? That's what the doc says.

Can someone here explain to me the pros/cons of keeping the title open for that year? Seems like a no-brainer if it'll just facilitate the financing process later down the road. FWIW, I do intend to get financing later down the road (6-8 months) once the place is fully renovated and I've had a tenant in place for a while.

Thanks in advance!