Im 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?
If you require funds from the sale of your existing home to complete the purchase of the new one, then you ought not to have the sale and purchase transactions close on the same day. There are sound reasons for this decision. 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 in the situation where your buyer has no home sale which he/she must complete prior to completing the purchase of your home, things beyond your buyers control can occur to delay the closing until later in the daythings like mortgage funds arriving later than expected, unanticipated traffic jams etc. Stuff happens and it seems 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 con
