Finally. You found your dream house and your Realtor® is writing up the offer. Your next hope for this, fairytale scenario is that you can move in the morning of the 30th of next month since that's when your lease expires so that you don't have to pay extra rent! Yay! However, most people are not lucky enough to live in this dream world.
Closing or Close of Escrow is the day that the house you've just bought actually becomes yours. On this day all the final paperwork is signed and usually the day that all the money or funding changes hands. You can often get your keys that same day too, but not always.
A problem you may run into is that things don't always go exactly as planned especially near the end of the month. Why? It's due to a ton of other people who are also hoping to close the same time you are. The result? The end of the month crunch or race for the finish line...it makes for a lot of traffic in closing.
It is simply not possible for mortgage lenders, title companies and other services to handle the high volume of closings that tend to get scheduled for the last few days of the month. A high volume of closings makes it so that documents don't show up and closing gets delayed. OR, the financing may get delayed. When this happens, upset and disappointed buyers are the result.
However, there's hope. The solution is to schedule your closing near the middle of the week and during the middle of the month. Be realistic and allow ample time, usually 30 days, for the escrow period. It's true that you may end up paying a few more days of rent, but the frustration you save your self will be well worth it.
As with all my clients, we try to be very strategic as to when to schedule the closing. We want the most possible benefit for our clients as well as convenient for all parties. This is why we schedule sometimes sooner or later than expected.