Tips for Choosing the Best Closing Date Possible
When you are caught in the middle of all of the excitement and stress of a home search, it is not uncommon that the last thing that is likely on your mind is what closing date you should choose. But there are some general rules around choosing a closing date that can drastically improve your moving experience and help you to avoid moving day delays, extra costs and stress!
General
Avoid Closing on a Friday
Although Friday may seem ideal, as you’d have all weekend to get settled into your new home, it is usually the busiest day in most real estate law offices, most especially in the summer. This can cause delays in your closing or possibly extensions, which would leave you waiting all weekend long to close.
What day should you close?
What day does Mr. Weisleder recommend for a closing date? Wednesday! This way if delays or extensions do arise, it’s much easier to manage a one-day extension, as opposed to waiting the whole weekend.
For that Selling & Buying
Close your purchase first
If you are selling and buying at the same time, you might feel as if you have twice the headache and twice the stress. It is recommended that you speak with your bank about getting bridge financing and closing your purchase approximately 2 days earlier. This gives you lots of time to move into your new place. It also prevents you from the stress of needing the money from your sale to close your purchase on the exact same day. It also gives you a safety net of somewhere to stay if there are delays, or if you need to negotiate an extension of the closing on your sale.
Sellers
If you’re selling your home, there are a couple things that you need to remember:
Plan to be out before 3 pm
Vacant possession must be given to the buyer. That means that you should plan to be out of your home by 3 pm on closing day. That is typically when the lawyer’s office will have the title transferred and the deal registered. Sellers who are late in vacating may be subject to damages to buyers whose move into the home was delayed, so take a bit of time to plan ahead and be out early.
Buyers
If you’re buying a new home, consider this advice before selecting a closing date:
Take a Final Visit
Schedule your final visit about 2 days before closing. This way you can check to make sure that the sellers are cleaning up properly, and that everything the sellers agreed to leave is still in the home.
Stop By to Check the Home on Closing Day
If you are moving in the day after closing, you’ll still need to get into your new home on closing day to check the condition of the home and make sure that nothing has been broken or damaged.
Plan to Move Late in the Day
Buyers should plan to move in either late on closing day or the day after closing. This way you won’t have to pay your movers extra if your move is delayed, or the deal is extended.