With seller financing, full calendar month after closing before first pmt due?

[Greg Lovern]

I'm working on my first offer that asks for seller financing. Reading through the contract offer that my longtime buyer's agent has prepared, I was surprised to see closing date August 7 and first payment due September 1.

My understanding is that the buyer normally gets the remainder of the calendar month after closing date, plus the next full calendar month, before first payment is due on the first of the following month. So with a closing date of August 7 I'd expect the first payment would be due October 1.

But when I asked about that, my agent said, "With no financing it's like rent. Pay on the first."

Is that correct? With seller financing do you not normally get that additional full calendar month before first payment due?

[Marco Bario]

The first payment can be due whenever both parties agree, and payments can fall on any agreed day. 

For instance, because you're closing on the 7th, all payments could be due on the 7th day of the month.