Advantages Cited for Early-Month Closings

There is no law that says that a real estate transaction should be closed at or near the end of the month. In fact, advises an executive of Chicago Title & Trust Co., there are real advantages to closing on a house early in the month.

“Why close at the end of the month when you have people readily available the first 15 days of the month?” asks Alan Prince, senior vice president at the Chicago-based firm, the nation’s largest title insurance underwriter.

Tradition plays a big role in the end-of-month closing, he said: Many first-time buyers wait until the end of the month because they’ve paid rent for an apartment through the end of the month. Another reason is that some buyers wait until the end of the month to earn as much interest on their savings.