6 things to remember when choosing a closing date
Summer means more people signing real estate deals. Besides the price to be offered, you also need to think carefully when choosing your closing date, so that your deal will close smoothly.
Here are 6 things to remember:
1. Do not choose a Friday at the end of a month….or any Friday for that matter! This is typically the busiest day in most real estate law offices, especially in the summer. This results in many deals not being able to close until late in the day, close to 5 or 6 pm. Worse, if the deal has to be extended, you don't get keys until the following Monday, or maybe Tuesday if it is over a long weekend.
2. Close your deal on a Wednesday, if possible. If there are delays, it is much easier to manage a one day extension than an extension over a weekend.
3. Sellers, plan to be out of your home early, not necessarily days early, just be sure to leave time and room for things to not go as planned with your move, movers, schedule, things can happen. We at HudsonHomeTeam strive to negotiate a possession time that is as convenient for our client as possible(whether Buyer or Seller). In normal practice, when the closing is not at the end of a month on a Friday, the deal will likely be registered by 2 - 3 pm. Completion and possession are not usually the same thing. A property transfer will complete on one day and possession will most often be on a future date, whether it's the next day or several days down the road.
4. If you are buying and selling a home in the same time period, close your purchase 2 days early and get bridge financing to assist you. You will close your deal without pressure and have a few days to move in while you wait until your sale closes. This will also make it much easier to negotiate an extension, if you have to, as you will not be dependent on the money from your sale to close your purchase. If you are going from a rental to a purchase, we suggest arranging the dates so you have an decent overlap to move over several days.
5. Sellers, a good Realtor will have added a cleanliness clause obliging you to leave the property in a clean state. Buyers, ensure your Realtor included a clause in the contract allowing for a scheduled final visit before closing to make sure that the seller is properly cleaning up.
6.Upon possession, be sure to perform a walk-through to ensure the property is left as expected and agreed upon. Your Realtor will walk through with you to document any deficiencies.
By doing your homework before choosing a closing date, you should be able to avoid pitfalls later. However, a Reputable Realtor will be aware of your needs and have good knowledge and experience ensuring the transfer goes smoothly and with little stress for you.
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July 3, 2014
When Negotiating a Real Estate Purchase…
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