Looking to give your client’s a smooth closing to their real estate sale or purchase? Keep in mind the importance of selecting a closing date.
Law offices are approaching what is traditionally the busiest closing day of the year, the last business day of June. As our members know, closing any transaction successfully and on time involves logistical coordination. Law offices feel even more pressure on the busiest closing day of the year due to the volume of transactions to complete before the July long weekend.
This year, June 30 is a Friday, which means that any closing issues identified on possession day may encounter delays in being resolved until lawyers are back in their offices following the Canada Day long weekend. Although sellers, buyers, and their REALTORS® are all working together to deliver a great closing experience, unexpected things come up; everything from tenants not vacating to sellers leaving old furniture behind or taking items that were included in the sale; Member Practice has heard various problems that are not easily or quickly remedied which delay closing.
Tuesdays, Wednesdays and Thursdays tend to be preferred closing dates for law offices unless there’s a mid-week holiday, in which case those days should also be avoided. Lou Pesta, Lawyer with Parlee McLaws LLP, reminds the real estate community of the importance of choosing a closing day and knowing which ones to avoid.
I highly recommend that, as much as possible, the following rules be followed in scheduling Completion Days;
- Avoid the 1st, 15th and last day of the month
- Avoid Fridays and Mondays and any holidays
When possible, including a pre-possession walk-through term in the purchase contract may be helpful to identify potential issues before closing; the sooner an issue is known before closing, the more time there is to try and fix it.
Happy closing!
Join Lou Pesta at an upcoming in-person training session on the Assumption of Mortgages on July 5, 2023, at CREB®. Learn more about what’s involved for clients exploring this option by registering now.
{ 0 comments…}