Developers often times miss the estimated close date. I have witnessed closing dates being extended from days to weeks to months and even years. Most of the time, the Purchaser can receive status updates such as where the developer stands in regards to completion. The point is, delays may happen and Purchasers might want to take that into account when dealing with current leases, moving requirements, deliveries, and financing. It may be wise to extend a rate lock at some point past the closing date to account for any possible delays. As the closing date approaches, it is usually easier to get an idea of how much more of a delay, if any, the parties are incurring and the Purchaser may be able to obtain a better understanding of how to garner his/her schedule. Prior New Construction Series Posts
New Construction Series: Closing
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