Written by Robert H. Ruth
This is an interesting question. Ultimately the date on your Purchase and Sales agreement is the one that governs when you close, but when you make your offer you can decide the date you’d prefer to close, so it is important to know what the consequences are to closing at different times of the month.
Before we try to figure this out it is important that you understand how mortgage payments differ from rent payments. Rent payments are paid in advance, typically due on the 1st of the month for the current month. So when you rent you are paying the landlord for living in their property for that month, so if it is April 1st, your rent check is paying for the month of April so you can live in the property that month.
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