You’ve done the hard part: you’ve found a home you love and have made an offer. Congratulations! But the next step that people often overlook is extremely important: choosing the right closing date. As any good real estate lawyer that deals with house closings in Toronto will tell you, this date shouldn’t be selected at random.
While the seller may stipulate a closing date in the contract, let’s take a look at some helpful tips that will guide you in choosing the right closing date when the option is available.
Closing in the Beginning of the Month vs. the End of the Month
The end of the month is a particularly busy time in the real estate market. Many people tend to close later in the month and therefore there may be an influx of work coming in that ties up your real estate agents, mortgage brokers, lawyers, movers and others.
Conversely, as a buyer, closing later in the month may help you avoid higher interest payments. Typically, mortgage payments are due on the 1st of every month, payable for the preceding month. But if you close earlier in the month, say, on the 3rd, then you’ll have to pay interest on every day after until the 1st of the following month. If you close on the 23rd, however, you’ll avoid 20 days of interest.
Avoid Closing on a Friday or Before a Holiday
You’ve just moved in and need some time to unpack, so you choose to close on a Friday.
While that may seem like the right move, remember that while you may not have work on the weekend, that means that many other services will also not be available. Moving in earlier in the week will allow you to get any critical services taken care of without having to suffer through the weekend without them.
Keep All Parties in Mind
As you’re well aware, buying house isn’t like picking up milk at the grocery store. There are a lot of moving parts and multiple parties involved.
You’ll usually end up dealing with a buyer, a seller, a lender (unless you pay in cash), and two real estate agents.
The closing date is usually determined for a date anywhere between 30-90 days after the seller has accepted the offer, allowing everyone to get coordinated and for you to get your documentation in order.
Through the title search process, the seller may also request additional documentation, so it’s always a good idea to have that extra padding of time in case you need it.
Choose Our Real Estate Closing Lawyers in Toronto
Buying a home is an exciting but dauting experience. You’ll want an expert house closing lawyer in Toronto guiding you through the most important purchasing decision you’ll make in your life.
At Zinati Kay – Real Estate Lawyers, we have over 50 years of experience helping home buyers and sellers in the Greater Toronto Area. In fact, we’ve closed over 21,000 real estate transactions!
When it comes to closing lawyers in Toronto, Zinati Kay – Real Estate Lawyers are proficient at drafting agreements, conducting title searches, filing sale completions, and helping with mortgage refinancing, to name just a few of our areas of expertise.