Most new property or pre-construction closings are completed on a very tight schedule. Reason being, the Builder is trying to close hundreds of units in a few weeks, and they often give last minute instructions.
From our wealth of experience, we knew the Purchasers must get the funds ready ahead of schedule. Unfortunately, their banks cannot ascertain the exact funds required until the Builder provides the Final Statement of Adjustments. In this case, the Builder did not provide this document until 2 DAYS BEFORE FINAL CLOSING. Luckily, we instructed the Purchasers to provide the bank with the agreement of purchase & sale and interim statement of adjustments – and to get funds ready from those documents. Then, even if minor adjustments to funds is required to be made once they receive the final statement of adjustments, they can minimize delays. With our advice and super high efficiency, we closed the pre-construction property within 2 days of notice from Builder, effectively preventing the Purchasers from having to pay penalties or undergoing litigation.
