How do I schedule closing and possession dates?

How do I schedule closing and possession dates?

Want to lock the perfect closing and possession dates without blowing up the deal? Here’s the simple playbook.

Why closing and possession dates matter

Closing and possession dates control when money changes hands and when someone gets the keys. Get them wrong and you face extra costs, missed moving slots, or legal headaches. Get them right and the move is smooth, predictable, and stress-free.

Step-by-step: How to schedule closing and possession dates

1. Start at the offer stage: name the target closing date in the Agreement of Purchase and Sale. That single line sets expectations.
2. Agree on a possession time: possession can be on closing (same day) or after. Put exact time (e.g., 10:00 AM) and whether keys transfer at lawyer’s office or at the property.
3. Confirm mortgage and financing timelines: ask your lender how many business days they need to fund. Add a buffer (2–3 business days) before the closing date.
4. Coordinate with the seller’s and buyer’s lawyers/notaries: they must prepare funds, title documents, and registration. Confirm they can meet the closing date before you finalize it.
5. Schedule a final walkthrough 24–48 hours before closing to check condition and agreed repairs.
6. Book movers after the closing date is confirmed by all parties. Put them on standby until the lawyer confirms registration.
7. Add a simple contingency plan: if closing slips, set a short extension window (e.g., 48–72 hours) and clarify who pays for any delays.

Practical timing rules that win deals

• Typical timeline: 30–90 days from accepted offer, depending on financing and removals. Shorter timelines need faster lender and lawyer turnaround.
• Use business days, not calendar days, for lender and lawyer deadlines.
• Weekends and statutory holidays can delay registration; avoid scheduling closing on Fridays if possible.

Common pitfalls and how to avoid them

• Vague times: never write “morning” or “afternoon.” Use exact clock times.
• Not coordinating lawyers: verify both law firms confirm the date in writing.
• Ignoring final mortgage conditions: confirm loan funds are confirmed and clear to fund.

Quick checklist for closing day (use this with your realtor)

• Confirm registration and receipt of funds with your lawyer.
• Get confirmation of keys and possession time.
• Perform final walkthrough and note any issues in writing.
• Confirm utilities and insurance are active on possession date.
• Keep moving crew on standby until lawyer confirms keys released.

Why work with an experienced realtor on closing and possession

A good realtor anticipates lender delays, coordinates lawyers, and writes airtight clauses so you’re protected if plans shift. I handle the calendar, call the lender, confirm the lawyers, and keep movers informed so you don’t lose a night’s sleep or your deposit.

If you want predictable closings, call Tony Sousa. I’ll set precise closing and possession dates, coordinate everyone, and make your move clean. Email: tony@sousasells.ca | Call: 416-477-2620 | https://www.sousasells.ca