All realtors are aware that the end of August (before schools start in September) is one of the busiest closing times of the year.
Typically, at a month’s end, most 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 August, the last FRIDAY is the SAME day (August 31) as the last business day of the month just before a long weekend. Therefore, few buyers and sellers closing in the end of August will want a month’s end closing day to be prior to August 31 or after the long weekend (Monday, September 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 August on one day, FRIDAY, August 31, 2012 (being the last business day of August 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 August 31, if they do close.
(An excerpt from the Legal Updates prepared by Stephen Shub, LLB - www.homelegalcost.com)