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The Double Closing: Buy | Sell

By
Commercial Real Estate Agent with RE/MAX West Realty Inc., Brokerage (Toronto)

same day buy and sell

Two Closings on One day: The Buy and the Sell

Ontario Real Estate Source

By Brian Madigan LL.B.

This is always a difficult situation, no matter what.

 

Late in the day, the buyers are paying double time and a half to have the movers unload their belongings before midnight.

 

This just doesn’t happen once, it’s a scenario repeated every Friday at the end of the month.

 

So, here’s what I recommend:

 

1)     buy early,

2)     close the deal a day or two ahead of your sale,

3)     finance it through bridge financing,

4)     hold your furniture in storage for one or two days, there’s a small cost to this, they just don’t unload the trailer,

5)     move in unrelated to the actual sale of your own house,

6)     sell your house,

7)     take the money and pay off the bridge loan,

8)     and note: the cost of the bridge loan and 2 day’s storage is likely less than the extra time charges for the movers to do everything on one day.

 

Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.
www.OntarioRealEstateSource.com

Comments (4)

Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Brian, I have done this myself, and suggest it to clients.  I try and overlap at least the weekend, it gives me time to clean the home (cupboards, floors, carpets) I am moving into and/or paint before all my furniture is moved in.

Jun 10, 2012 01:45 PM
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

Brian, this makes a lot of sense. Unfortunately most people get caught up in the horror that has become known as "moving day". I personally like to have my new place for a month before I have to vacate my old place. It might cost a bit more this way, but I can live without the panic and the stress.

Jun 11, 2012 01:06 AM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Chris and malcolm,

I think this is the right way to do things. It works as long as you have the time and the money.

Brian

Jun 11, 2012 06:07 AM
Jo-Anne Smith
Oakville, ON

Hi Brian,

Very good advice. Many people like to close a week or so in advance on the new house for cleaning, painting, etc.

Nice to see you posting again,

Jo

Jun 14, 2012 02:09 AM