Definition of "Adjournment of closing"

Monet Templeton real estate agent

Written by

Monet Templetonelite badge icon

eXp Realty of Northern California, Inc.

Act of postponing a closing for another day or place. Adjournments of closing can occur for a variety of reasons including the lack of an appropriate closing statement, one or more parties being unable to be present, or an irregularity in the title report or credit check. If both parties agree to the adjournment, the closing may be rescheduled. In the event of a cancellation, the purchase contract may be jeopardized, dependent in par on the cancellation clause.

Comments for Adjournment Of Closing

Lisa D Lisa D said:

I want to know if I could sell my home it was up for a shield sell but I got an adjournment for 2 months I don’t want a short sale could I just sell it without a short sale

Apr 26, 2023  15:37:38

 
Real Estate Agent

Hello Lisa! Thank you for getting in touch with us! As a reminder, a short sale can be more beneficial than a foreclosure. Still, due to specific circumstances, you cannot anticipate, we highly recommend contacting a local local real estate agent in your neighborhood! They can prepare you for all scenarios. Secondly, reach out to your lender to obtain a loan modification or a revised payment plan. Plus, the adjournment may apply certain legal restrictions as well. For this reason, seeking an expert real estate attorney would also benefit you!

May 15, 2023  07:46:33
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Taken out on property to replace or repair it if it malfunctions. It covers parts and/or service. An example is a warranty a homeowner takes out on a stove, refrigerator, or dishwasher. It ...

Same as term trust; An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the ...

Geographic area that is attractive to prospective tenants. Square footage in an office building or apartment house that may be rented by a tenant. ...

City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...

(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...

If you’re an owner of a property that needs to be accounted for in your return on investment or used to calculate your capital gains and losses, then the cost basis will help you ...

Land and any existing tenements that are part of a conveyance. For example, upon closing a real estate sale. The seller deeds the premises to the purchaser. ...

The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...

Number of small holes in a wall allowing water to drain from it. This makes the walls able to withstand water pressure. ...

Popular Real Estate Questions