Who determines settlement date?

[aricci111]

What is the name of your state?Pa
I looked in all the previously asked questions and couldn't find it. Can someone please tell me?

Who sets the settlement date? I know it is negotiated but I need to know who kind of has the final "say".


There is that better?

[I AM ALWAYS LIABLE]

Originally Posted by aricci111

What is the name of your state?Pa
I looked in all the previously asked questions and couldn't find it. Can someone please tell me?

Thanks,
Anita

My response:

Looks like you'll have to edit your initial post again. You see, you misspelled the word "mispelling" in your reason for having edited your initial post in the first place!

Now, as to your issue: There are innumerable reasons to settle, and all these different scenarios have their own "timetable" for settlement. So, what type of action and situation are you trying to settle?

Also, it's not so much "who" determines when to settle as it is the "circumstances" of and around the types of issues that are determinative of when to "settle". For example, in an auto accident case, the circumstance of you paying for your car to be repaired usually determines when you call the other party and say, "Okay, let's settle. My property damage is $1,000.00. So, let's "settle". Cough up $1,000.00."

IAAL

[aricci111]

What is with this website? It's all different since I was here last.

I am posting to Real Estate law aren't I?

I am trying to figure out who sets the "settlement date" the buyer or the seller.

[nextwife]

Well, around here, the Purchase contract determines the settlement date. The date for closing is part of the offer and may be one of the factors in a seller deciding to accept one offer over another. Of course, it can be changed by ammendment and mutual agreement, and the lender also has some say - in that they need to have a closer/disbursing agent AVAILABLE to close on that day, and if they are swamped and can't get the loan package done in time, they may push the closing back a business day or two.

So actually, in the end, the LENDER (if any) REALLY determines the settlement date. If they are not ready to fund and close, it's not gonna happen. NO money, no closing.

[annefan]

In Pennsylvania, nextwife is correct.

[HomeGuru]

Originally Posted by aricci111

What is with this website? It's all different since I was here last.

**A: Yes, it's all different since I was last here too.
***********
I am posting to Real Estate law aren't I?

**A: yes, why?
*********
I am trying to figure out who sets the "settlement date" the buyer or the seller.

**A: both agree to such a date on the contract. That would be called the contractual closing date. In reality that date can change for various reasons one of which nexie discussed.