Who determines the closing date?

[Mike Schorah]

I’m wholesaling a deal.

The contract states that we close “ON OR BEFORE” February 15. How is this determined? Do I determine the exact closing date?

Is it the new buyer that determines the exact closing date, the title company, or myself?

[Tom Gimer]

The title company coordinates the closing date with the end buyer and the seller. We typically first determine when the buyer intends to fund the deal and work around that tentative date (it often changes). 

Unless the seller has some issue (travel, availability) that requires a pre-sign, there is generally no point in having a seller sign docs until the deal has been funded. In my opinion pre-signing can cause more problems than it solves, especially with wholesalers involved. 

Most settlements since COVID hit are split... meaning buyer and seller close separately in that order.