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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.