Picking a closing date
Many people choose to close their purchase or sale on a Friday, sometimes they choose the last Friday in the month. This is a bad idea. Why?
Fridays are always busy days in your real estate lawyer's office and the last Friday of the month is the busiest day of all. Your deal probably won’t close until the end of the day.
- Even on the best days, sales usually close after 2:00 pm so you could end up paying overtime to your moving company and perhaps even paying for overnight storage
- If there’s any kind of problem – the key doesn’t work, your new home isn't as clean as you’d hoped – you have no time to resolve it
- If there’s a delay receiving funds, which does happen occasionally (the banks are busy too), the deal may not close until Monday, or even Tuesday if it’s a long weekend.
- If you’re a Seller, you’re probably relying on those funds to close your purchase.
- Choose a day mid-week and not at the end of the month
- If you're buying and selling at the same time don't close both deals on the sale day. Leave yourself a few days in between so you can move in gradually
- Arrange bridge financing. It can be easily done and is not expensive for a few days.Talk to your bank, or we’ll be happy to refer you to one of our trusted advisors.