Avoid These Closing Dates

As we approach mid-December and the end of the year it is important to use caution when selecting a closing (aka possession) date since many law firms are closed between Christmas & New Years.

Lou Pesta, a Calgary real estate lawyer, recommends that to  “avoid unpleasant complications, delays and late interest penalties for clients the latest a closing should be scheduled in December is on the 20th (to allow one day’s grace for potential late mortgage funding) and the earliest it should be scheduled in January would be January 4th (to allow for the collection of closing funds and securing a mortgage advance after the return from holidays).”

Besides Christmas through New Year, there are a couple other periods that would be best to avoid:

Canada Day (June 30-July 1st weekend)  It is the busiest closing weekend of the year so try to avoid the week leading up to & following it.  Lawyer and land titles are swamped, lenders can find it difficult to handle the volume and fund on time and moving companies are likely booked weeks if not months in advance.

August 31st-Labour Day Weekend  It is another busy closing period and this year many lawyers were maxed out and unable to handle anymore clients.

Note: If you bought or sold a condo, be sure to check with the bylaws whether there are any restrictions on moving days or times (ie. weekends only, 9am-5pm), if you need to book an elevator in advance, or any other move-in/out policies you should be aware of.

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