How Long Does it Take to Close on a Home?

Any good lawyer will tell you “that depends,” but generally speaking between 30-45 days is the most common timeframe in Massachusetts. Exactly how long it take varies greatly on your transaction. If you have already made an Offer, you are on your way to homeownership!

You have made an Offer, Congratulations. Now what? 

The first step you should take is to hire a Massachusetts Attorney to review that Offer and help you prepare a Purchase and Sale Agreement. You may elect to use your bank’s Attorney (Closing Attorney), which is pretty common. They will ensure that your contract is tailored to your specific time frame and situation. Every transaction is unique.  

Home Closing Time Frame

If you have been diligently working with a Lender and are far along in the loan process, then this will greatly increase the probability of your loan closing on time and with no hiccups. 

Some special loans, particularly first-time home-buyer deals that involve help with the down payment, can take a bit longer to close, occasionally up to 45 days.

If you are paying cash, and there is no lender involved, the process is greatly expedited. Even though there is no lender, you should have your own legal counsel and purchase an owner’s title policy. 

Should you elect to do an inspection, we suggest doing that ASAP. Sometimes issues come to bear that make a buyer not want to purchase a home, and you would want to know that as quickly as possible. 

All along, the Closing Attorney will be reviewing title, tax information, and many other items at the same time. All of this work is done to benefit you, the buyer, to ensure you are getting the loan you were promised and give the Attorney time to make sure the subject property has no unexpected issues. 

We pride ourselves on effective communication with Buyers, Sellers and Lenders to keep all parties updated as needed throughout the process.

Home Closing Delays

It is possible that there will be a delay in your closing. As long as you have careful language in your P & S, then you will be allowed to extend the date as needed. Although it can be scary (and frustrating), it is quite common.  

Some typical delays that you may see after your file is handed over to your underwriter are:

• New debts or errors on the updated credit reports
• A change in marital status for either the buyer or seller
• Missing insurance or banking information
• Problems with the appraisal(s)
• The loan commitment with the lender has already expired
• Judgements, liens, or clouds on the title

Generally speaking though, and with the assistance of experienced Closing Attorneys, this process will run smoothly. Contact our office with any questions you have at 978-539-7500. We like to make the closing process as simple as possible at Simple Title.