How long does a mortgage company have after signing closing documents before they have to fund the loan?
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How long does a mortgage company have after signing closing documents before they have to fund the loan?
Asked on September 10, 2010 under Real Estate Law, Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
There is no set period determined by law. If there is anything in the documents themselves, that period would govern--it would be a contractual term. Otherwise, if the closing documents have been signed and the bank has signed off on the loan, IF they take so long as to cause someone economic loss or other damages--e.g. losing the home--the bank might be liable under either a contractual theory (even without a set time, by not providing the loan timely enough for it to be used, they violated the contract) or possibly a tort theory (they violated a duty they voluntarily assumed). If you have suffered damage owing to a bank's failure in this regard, you should consult with an attorney to evaluate your situation and see what recourse you might have available to you.
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