All of your future plans as a buyer or seller revolve around the closing day, so it is indeed, an important day to keep at the forefront of your mind. Closing day is the day that title irrevocably changes hands, the day that the sellers' receive their money and give vacant possession of the house to the buyer.
The closing date is negotiated as part of the sales contract. The timing of the closing date may be of vital significance to the sellers. They may have bought another property and may need the funds they received from selling their house to complete the other deal. The buyer also may be committed to vacating their present home at a certain time and be concerned that the closing happens before a certain date.
There can be unforeseen and unavoidable delays in getting agreed upon repairs done or in getting financing in place. If you do find yourself in a position in which you feel that you may not be ready for closing on time - immediately contact your REALTOR®. Your REALTOR® will contact the other parties REALTOR® and something can usually be negotiated that will solve any problems created. The other party may be flexible as to the closing date. The buyer may accept a cash settlement in lieu of repairs.
Every problem has a solution and it is part of your REALTORS job to help you find those solutions. To learn more about the benefits of using a REALTOR® go to srar.ca.