The holiday season is a time for joy, reflection, and spending time with loved ones. However, it can also be a busy and stressful time for those involved in real estate transactions. Whether you are buying or selling a home, closing a deal during the holidays can present unique challenges. However, with proper planning and attention to detail, you can navigate this season with ease and ensure a successful closing. Below are some tips for ensuring a smooth real estate closing during the holidays.
1. Start Early and Plan Ahead
The first key to a successful real estate closing during the holidays is to start as early as possible. During the holiday season, many parties involved in the transaction—such as lenders and inspectors—may have reduced hours or take extended breaks. If you are planning a holiday closing, it’s crucial to give yourself extra time for potential delays. Starting early can help you stay ahead of any unforeseen issues that might arise.
2. Be Prepared for Delays
The holidays tend to bring about some delays, especially with banks, appraisers, and inspectors taking time off. Mortgage lenders are particularly affected, as the end of the year can be a time of heavy workloads and potential holiday staff shortages. Work with your real estate agent to identify these potential delays early and adjust your timeline accordingly.
3. Communicate with All Parties Involved
Good communication is always important in a real estate transaction, but it becomes even more crucial during the holidays. Make sure to stay in constant contact with your agent, lender, lawyer, and any other involved parties to ensure that everyone is on the same page. This will help address potential problems or delays quickly. Ensure that your lender is aware of the holiday timeline and has all the necessary documents in time for closing.
4. Understand the Impact of Holidays on Funding and Financing
Financing can be one of the trickiest parts of a real estate deal, and the holiday season can complicate things further. Many lenders have shorter working hours or even shut down for extended periods. Additionally, some financial institutions may have delays in processing loan applications or funding. Ensure that you finalize all financial details well in advance. If possible, try to lock in your loan rate early and avoid last-minute financing issues. Also, make sure you have all your closing costs and down payment funds prepared and ready for transfer.
5. Check the Availability of Home Inspectors and Appraisers
While many professionals in the real estate industry work through the holidays, home inspectors and appraisers may not be as readily available. It’s important to schedule inspections and appraisals well in advance, so you are not left scrambling at the last minute. Reach out to these professionals as soon as possible and book appointments early in the process.
6. Keep a Positive Attitude
While the holiday season can be busy and unpredictable, maintaining a positive and calm attitude throughout the process will help you stay focused and make better decisions. The more you plan, prepare, and communicate with everyone involved, the smoother your transaction will be.
Conclusion
Closing a real estate deal during the holidays can present a unique set of challenges, but with the right approach, it is possible to navigate the process successfully. Start early, communicate clearly with all parties, plan for potential delays, and be flexible with your timeline. By staying proactive and organized, you can ensure that your real estate transaction closes smoothly, leaving you with time to enjoy the holiday season.
If you are buying or selling a home during the holidays and require assistance, contact our real estate lawyers at Mills & Mills LLP.
At Mills & Mills LLP, our lawyers regularly help clients with a wide range of legal matters including business law, real estate law, estate law, employment law, health law, and tax law. For over 140 years, we have earned a reputation amongst our peers and clients for quality of service and breadth of knowledge. Contact us online or at (416) 863-0125. The material provided through the Mills & Mills LLP website is for general information purposes only. It is not intended to provide legal advice or opinions of any kind.