Escrow, Timing And Tender: Where Transactions Hang In The Balance

Everybody hopes for a smooth closing. In many situations, the mechanics of closing may occur without issue, often just between lawyers and with little or no involvement from their clients. However, closing can also be very stressful, and issues and/or delays can arise for a myriad of reasons. Late mortgage instructions or a sudden discovery of (or change in) a defect in the property/title are perhaps the most common closing day issues. Legal counsel may engage in numerous telephone calls with each other to attempt to resolve these issues, but the parties may not always be involved or kept informed with what is occurring unless instructions are required. So – for the benefit of the typical purchaser or vendor – what happens on closing?