Choosing the right possession date is a detail that often gets overlooked in real estate transactions - but it can make a big difference in your moving experience.

Whether you’re buying or selling, most people tend to pick a Friday for a possession date. The logic of this practice appears to be that it gives them extra time to move over the weekend with a minimum amount days off work. Those Fridays before a long weekend are even more popular or the days just before other statutory holidays have the same appeal to purchasers for the same reason. Unfortunately, this common practice might expose you to some unforeseen risks you haven’t thought about.

Because of the attractive nature of these common possession dates, you end up scheduling your transaction during becomes a “peak time”. When everyone is rushing to close for the same handful of days, all the support parties involved - lawyers, banks, couriers, moving companies, utility providers - are extremely busy. This high demand for closings can lead to delays and complications, potentially jeopardizing your timely possession of the property. Moreover, if something does go wrong, handling issues over the weekend or a long weekend can be more challenging and costly.

For instance, imagine you are all set to move into your new home, but a last-minute issue with the mortgage arises. If this happens just before a long weekend, you might find yourself unable to reach your lender or lawyer to resolve the problem promptly. Banks might not even be open to handle your issue. This could delay your move and cause significant inconvenience. Even something as simple as couriers being overwhelmed during these peak periods can result in extra costs for those services - not to mention increased risks that resulting delays cost you penalty interest and potentially put you in breach of contract for closing late.

On the other hand, opting for a possession date in the middle of the week can provide you with additional business days to resolve any potential issues. This proactive approach ensures that you can address any hiccups promptly, increasing the likelihood of a smooth and timely move-in. Yes, if you are buying it might mean paying a bit more interest if you don't actually plan to move in until the weekend, but the peace of mind it offers is well worth it.

Additionally, by choosing a mid-week possession date, you'll benefit from the undivided attention of the various parties involved in your transaction. Since most people overlook this strategy and stick to the traditional pre-weekend or pre-holiday possession dates, you'll have a better chance of receiving prompt and efficient service.

Another potential issue to consider is the coordination of moving services. Moving companies are often booked solid during weekends and long weekends, making it harder to secure a reliable service. By scheduling your move for a weekday, you are more likely to find available movers and potentially even get a better rate. Furthermore, if you encounter any issues with utilities, such as setting up electricity, water, or the all-important internet and cable services, having a mid-week possession date allows you to contact customer service during regular business hours, ensuring a smoother transition into your new home.

In closing, pick a Tuesday or Wednesday - and not right before a statutory holiday if possible. When the rest of the people who disregarded this advice are scrambling with last-minute stress and issues, you’ll be kicking back and taking it easy in your new place. And even if everyone else reads this article and starts following this same practice you won’t be worse off than the current practice because a mid-week date still gives lots of working days to sort issues out.

I hope you find this advice helpful as you navigate your real estate journey. If you have any questions or need further assistance, feel free to reach out.