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Question :
I’m planning to sell my existing home in one Ontario city and purchase a home in another Ontario city. Can I have both transactions close on the same day?
Category Home Buying Interview Questions
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Added on 4/8/2008
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Answers:

If you require funds from the sale of your existing home to complete the purchase of the new one, it is not normally advisable to have the sale and purchase transactions close on the same day. Consider the following: The buyer of your existing home is legally obliged to complete your sale transaction sometime on the day of closing which, in practical terms, due to the hours of operation of the electronic land registration system, means sometime before 5:00 p.m. on that day. Even with the best of intentions and even when your buyer has no home sale which he/she must complete prior to completing the purchase of your home, things beyond your buyer’s control can occur to delay the closing until later in the day—things like mortgage funds arriving later than expected, unanticipated traffic jams etc. Stuff happens and it tends to happen all too frequently in such situations. If your buyer closes your sale at 4:55 p.m. (as is his/her legal right under the purchase contract) there will be insufficient time left for your lawyer to complete your purchase transaction. If the transaction doesn’t close before 5:00 p.m. then you may not get possession of your new home on that day and, worse still, you would be exposing yourself to the legal consequences of failure to complete as outlined above.

How do you avoid such a nightmare scenario? If you absolutely must have both the sale and purchase transactions close on the same day, then arrange a temporary loan from your bank (commonly called ”bridge loan”) to give you all the money you need to close your purchase on time on closing day. A bridge loan will normally cost you two or thee hundred dollars in interest and setup charges but it is money well spent, when you consider that it will buy you some peace of mind and can help avoid some big legal headaches. The other way of avoiding the nightmare is to schedule your sale to close on one day and your purchase to close one or two days later. This may or may not be feasible for you depending on time constraints and/or moving arrangements.



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