The Real Estate Encyclopedia
A problem developed at closing. What happens?
Category - Home Buying Questions - Moving for the Buyer FAQ's
There could be hundreds of reasons why a home doesn't close. It's beyond the scope of this site to answer these possibilities. Overall, though, there are only a few things that can happen. First, the problem gets worked out and everything proceeds as normal. Second, things don't get worked out and the transaction simply doesn't close. Finally, a dry close could occur. A dry close is when all the paperwork has been completed at closing but no money exchanges hands and the deed isn't transferred. When a dry close occurs it's assumed that funds will eventually be available after certain conditions have been met in the near future, usually within a few days.

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Home Buying Questions - Moving for the Buyer FAQ's
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