When is 'closing date'?

[Stephen1]

We are selling a couple rental properties. The purchase & sale agreements list closing dates. As I prepare to pro-rate the rents between us and the new owners I was thinking about whether the closing date is the date we sign papers or the following business day when the papers are filed and the property is actually transferred. I plan to do the pro-rating based upon the later date. But I'm wondering whether I'm expected to sign papers next Wednesday (the specified closing date) or the day before (Tuesday) so the sale may be completed on Wednesday.

 

[Just Blue]

We are selling a couple rental properties. The purchase & sale agreements list closing dates. As I prepare to pro-rate the rents between us and the new owners I was thinking about whether the closing date is the date we sign papers or the following business day when the papers are filed and the property is actually transferred. I plan to do the pro-rating based upon the later date. But I'm wondering whether I'm expected to sign papers next Wednesday (the specified closing date) or the day before (Tuesday) so the sale may be completed on Wednesday.

What state?

 

[PayrollHRGuy]

In every state I've ever seen the closing date is the closing date.

 

[Stephen1]

Oops, sorry - Washington (the state)

 

[adjusterjack]

The close of escrow occurs when the deed is recorded. That's when the sale is official. It's often accompanied by funding of any loans and payment to seller. Signing can occur the same day, the day before or days before.

Your escrow/title company rep can clear that up for you.

 

[STEPHAN]

The signing date does not matter. The closing date is when the title company processes the transaction. (These days many contracts get presigned.)
Rent for the closing day belongs to the buyer.