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I just got an offer on a spec I’m building that calls for closing after the cert. of occupancy is issued. The house is just now framed, so that’s at least 3 months off. My thought is to close in 30 days, put the money in escrow, get an amount equal to the land and improvements to date at closing, and take the remainder in construction draws as the project is completed. Anyone else been in this situation, and have any advice? Is it unusual to do it my way? Thanks. (this is posted in the business folder as well).
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I just got an offer on a spec I'm building that calls for closing after the cert. of occupancy is issued. The house is just now framed, so that's at least 3 months off. My thought is to close in 30 days, put the money in escrow, get an amount equal to the land and improvements to date at closing, and take the remainder in construction draws as the project is completed. Anyone else been in this situation, and have any advice? Is it unusual to do it my way? Thanks. (this is posted in the business folder as well).