Looking to give your clients a smooth closing to their real estate sale or purchase? Keep in mind the importance of selecting a closing date.
As our members know, closing any transaction successfully and timely involves logistical coordination. Law offices feel even more pressure at the end of the year due to the volume of transactions to complete before the holidays.
There are multiple holidays in the last week of December, and some offices close for the whole week, 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 holidays.
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.
It is highly recommended 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!
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