via freepik
Just as there is no such thing as perfect, there’s also no such thing as the perfect day to close.
Closing, when the house legally becomes the buyer’s and the keys are handed over, is a significant milestone in the house buying process.
Any business day can be your closing day, but it is important to consider a few factors that can make for a more effortless closing experience and avoid potential issues when picking the ideal day to close your real estate transaction.
Hire a Professional
Your real estate lawyer will be the big player in the closing day process. You’ll want to ensure you have an experienced lawyer who specializes in real estate to work with you so that if any unexpected issues pop up, you know you’re in good hands. In hot real estate markets like Mississauga, it’s essential to have a real estate lawyer in Mississauga who knows the local requirements.
The Best Time of Month to Close
It typically makes sense for buyers to close toward the end of the month, especially if the buyer has limited cash flow. A closing day sometime during the last two weeks of the month can be beneficial because of prepaid interest, which the lender will usually prepay to cover the period from the closing date until the month’s end. Choosing a closing date with fewer days left in the month will mean less prepaid interest to pay back after moving in.
There are also some practical things to consider. While some people might be tempted to close over a long weekend to take advantage of the extra time to move in, a long weekend can present many challenges.
Mortgage lenders and the land registry will be closed for long weekends and holidays, so any delays in closing could mean having to wait until the next business day to close, costing time and money.
The Best Day of the Week to Close
The day of the week can matter more than the day of the month or time of year when it comes to closing.
While a Friday might sound like the perfect day of the week to close on a purchase, it’s often not. Like long weekends, Friday closings can cause significant challenges and extra costs should something not go according to plan, which happens more often than you might think.
Depending on your circumstances, such delays can be costly and put a wrench in your moving plans, which is already stressful enough. If you can potentially avoid a Friday closing date, you may eliminate some potential headaches.
Which Date to Choose?
Ultimately, the best day will depend on the unique circumstances you find yourself in as a buyer or seller. But overall, when negotiating your closing, the perfect day to close your real estate transaction would be before Friday, not around a long weekend and not on a month-end.
While your transaction may or may not close without a hitch, picking the right closing date can decrease the chances of having closing issues.
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