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

Law offices are approaching what is traditionally the busiest closing day of the year, the last business day of June. As members know, successfully closing a transaction on time involves significant coordination among all parties involved. Law offices face additional pressure on this day due to the volume of transactions scheduled to close before the July long weekend.

This year, June 30 is a Tuesday, followed by the statutory holiday on Wednesday, July 1. Clients may encounter delays with their possession date, as law offices will not reopen until Thursday, July 2. While sellers, buyers, and their REALTORS^® all work together to deliver a positive closing experience, unexpected issues can arise, from tenants failing to vacate on time to sellers leaving behind old furniture or removing fixtures included in the sale. Most members have encountered stories of delayed closings and stressed clients.

Tuesdays, Wednesdays and Thursdays are generally preferred closing days for law offices. However, when a holiday falls mid-week, those days should also be avoided, when possible. 

Lou Pesta, a self-employed lawyer at Pesta Law, says, “I highly recommend that, as much as possible, the following rules be followed in scheduling Completion Days:

• Avoid the first, 15th and last day of the month
• Avoid Fridays, Mondays and any holidays.”

When possible, including a pre-possession walk-through clause in the purchase contract can help identify potential issues before closing. The earlier an issue is identified, the more time there is to address it.

Happy closing!