by CREB®
Ever had clients pull up to their new home with a moving truck at exactly 12:01 p.m. on possession day, expecting to move in right away? If that sounds familiar, you’re not alone. A lot happens behind the scenes on possession day, and it’s not always as simple as turning over the keys at noon.
Helping your clients understand what to expect can make the day much smoother—for everyone involved.
Keep in mind the importance of selecting a closing date.
The busiest closing day of the year is the last business day of June. This year, that’s Monday, June 30. Law offices feel even more pressure on the busiest closing day of the year due to the volume of transactions to complete before the Canada Day holiday.
Unexpected things come up, everything from tenants not vacating to sellers leaving old furniture behind or taking items that were included in the sale. Help the clients avoid delays in having issues resolved. Lou Pesta, Lawyer with Pesta Law, reminds the real estate community of the importance of choosing a closing day and knowing which ones to avoid.
I highly recommend that, as much as possible, the following rules be followed in scheduling completion days;
Avoid the 1st, 15th and last day of the month
Avoid Fridays, Mondays and any holidays
Key release reminder
Buyers can only receive the keys once the seller’s lawyer or agent confirms they’re releasable. Even if the buyers are at the door and the truck is ready, keys cannot be handed over early unless the seller has provided written permission.
Setting realistic expectations with the buyers ahead of time—especially that keys may not be available right at noon—can help them better coordinate the rest of their move.
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