When I buy a home, how quickly can I close and take possession?

(08.24.02) The first factor is a date agreeable to both Buyer and Seller for closing and possession. This date is set when the offer to buy is negotiated and can be changed after that only by agreement of both parties.

Once the date has been established, the next factor is the contingencies in the offer to buy. These generally includes financing and inspections. You must allow enough time to release these contingencies. Depending on the type of financing, this can take a few days up to thirty days. Inspections can take from a few days up to a couple of weeks.

The final factor is the legal work that needs to be done prior to closing. The Seller must have the abstract (history of title) brought up to present. The Buyers' attorney must prepare a title opinion showing what must be done to give clear title. This can be accomplished in as short a time as five working days and should not take more than two weeks.

Closings may take place as quickly as a week from the day the offer to buy was accepted. Thirty to sixty days from date of acceptance of an offer is fairly common. Anything longer than that is usually caused by Buyer or Seller needs for a later possession date.

Disclaimer: These answers are in general terms and may vary with specific factual circumstances.