Purchase and a sale on the same day is not a good idea.
Covid – 19 affected all of us in many ways this past last year.
Many people are now working from home and that creates some logistical delays. Banks are implementing new rules and restricting some banking activity. All of this affects the speed of preparation and registration of your file.
If you need the funds from the sale proceeds of your house in order to complete the purchase, it is not advisable to put the purchase of the house on the same day as closing of your sale. You will need to allow one or 2 days in between to complete without any delays.
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It is even higher risk if both of your purchase and sale complete on Friday as legal offices are not open on a week end. If money from your sale are not received by 4p on Friday, you may need to wait until Monday to move in, but at the same time you will be required to move out.
Now, sometimes it just has to be on same day. Our office will do everything in our power to accommodate it. But often Money from your sale is not in our control. If you have purchase and sale scheduled on the same day, have the hotel booked for couple of days, just in a case.
Sincerely,
Irina Bartnik
Notary Public
604.575.7494
