Dry Closing | Propertylogy

Dry Closing

By on August 29, 2018

A dry closing in a real estate transaction is similar to regular closing activities except that there is no delivery of documents and transfer of funds.

A situation like this most often happen because the home buyer has used a check for payment.

Thus, all parties involved has to wait for the check to clear for the funds to be disbursed.

Only then will closing be completed.

While completing the transaction seem like a formality if a deal has reached the stage of dry closing, sometimes closing can get delayed or even cancelled due to problems with the buyer’s movement of money.

It’s not that the buyer has no money, but he is unable to move it.

This can sometimes happen when buyers are investors from overseas with unclear sources of funds.

Otherwise, dry closing will usually delay closing completion by at most 3 business days.

You May Also Like...

hair1 eye1 abs1
View the latest and lowest Singapore Home Loan rates
Why friends look forward to your FAILURE
Hiring a competent agent
Best EVER excuses for being late to work

Investors and homeowners receive our newsletters. Subscribe to our list.

Get More Real Estate Knowledge & Insights From Our Newsletters

Enter your email below

Send this to a friend