Closing on June 29??? Might want to try another date

I got this email today and wanted to share it with everyone!

REALTOR WARNING RE: CLOSINGS ON JUNE 29, 2012
All realtors are aware that the end of June (after schools close for the summer) is the busiest closing time of the year.

Typically, at a month’s end, real estate closings are spread between the last FRIDAY of a month and the last business day of a month PLUS the first business day of the following month. In 2012, at the end of June, the last FRIDAY is the SAME day (June 29) as the last business day of the month being before a long weekend. Therefore, few buyers and sellers closing in the end of June will want a month’s end closing day to be prior to June 29 or after the long weekend (Monday, July 3 will be the holiday and the land registry system will be closed).

THE PROBLEM is that with most buyers and sellers wanting to close at end of June on one day, FRIDAY, June 29, 2012 (being the last business day of June and being the last FRIDAY before a long weekend), the possibility of many closing failing to occur on such a date increases due to delays in getting mortgage advances for buyers which will have a chain reaction causing delays to other closings. Inevitably, many closings will occur very late in the day on June 29, if they do close.

•          If people are trying to move using elevators in condo buildings (or moving out of a rental unit)...
GOOD LUCK!
•          Moving vans will all be fully booked... WATCH OUT!
•          Mortgage lenders will NOT be able to process mortgage advances adequately due to the heavy month’s end volume.
•          Lawyers will be scrambling for late deliveries of closing packages to get deals closed and roads will be clogged (delaying deliveries of closing packages) as people try to escape the big city for the long weekend after school is out.
SUGGESTION:         Recommend to your buyers and sellers NOT to select June 29, 2012 as the closing date.
Selecting any other date would be much more reliable as a closing day.


My website www.home-legal-cost.com allows anyone to print out legal fees and disbursements by clicking on QUOTATION for any purchase or sale price under $1.5 million. See our 8 Toronto area law office locations specializing in residential real estate closings at www.home-legal-cost.com. For questions, call me to 11pm 7 days at (416) 520-6120.
Regards,


STEPHEN SHUB


Stephen H. Shub Professional Corporation
Barrister, Solicitor, Notary

8 Toronto Area Law Offices with
34 staff serving you in many languages
www.home-legal-cost.com
Cell 416-520-6120
(to 11pm 7 days)