Looking to give your clients a smooth closing to their real estate sale or purchase? Keep in mind the importance of selecting a practical closing date.

As our members know, successfully closing any transaction in a timely manner involves logistical coordination. The Land Titles office and some lenders close for several days during the holiday season. Many law offices close between Dec. 24 and Jan. 2, which means any closing issues identified on possession day may remain unresolved until lawyers return after the holidays.

Closing day tips

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. 

It is highly recommended that, whenever possible, the following rules be followed when scheduling completion days:

• Avoid the 1st, 15th and last day of the month

• Avoid Fridays, Mondays and any holidays (especially this time of year)

Set your clients up for success

Remind your clients to secure their new mortgages as soon as possible, order real property reports early to avoid holiday delays, and book moving companies well in advance to ensure they are available on the chosen possession date. Assist your clients with choosing a possession date that avoids the holidays whenever possible.

We recommend that all members include a pre-possession walk-through term in the purchase contract to identify potential issues before closing. The earlier an issue is identified before closing, the more time there is to fix it.

Although sellers, buyers, and their REALTORS^® work together to deliver a great closing experience, unexpected situations can still arise--everything from tenants not vacating to sellers leaving behind old furniture to items being removed that were included in the sale. Most members have experienced a closing delay at one point or another.

Happy closing!