Closing Dates

By
Real Estate Agent with RE/MAX Aboutowne Realty Corp

Ideally you would always be able to coordinate your house closing dates so that the house you buy closes on the same day as the house you sell. In practicality, closings rarely line up, and when they do it can be extremely stressful to close and move on the same day, especially if there are delays in either of the closings.

Many people prefer to close on the purchase of their new home some time before they close on their old home. There is the added cost of obtaining “bridge financing” for the new home while still paying the mortgage of the old one but the resulting stress reduction may well be worth it. This scenario is also ideal if you want to do some cleanup, painting or renovations on the new home before moving in.

Some folks may choose to close on their old home before closing on their new one. This may appeal to those on a tight budget or adverse to risk. Obviously the big downside is that you will have to find a place to stay and store your belongings while waiting for your new home to close. You will most likely incur added moving expenses as well.

However you choose to bridge the gap between the two closings, ensure you plan well ahead and don’t forget to budget for the added expenses.

 

Posted by

David Archibald

Real Estate Sales Representative

RE/MAX Aboutowne Realty Corp.

david@westendproperties.ca

416-938-9951 (direct/mobile)

905-842-7000 (office)

905-842-7010 (fax)

 

www.westendproperties.ca

 

Residential Sales - Leasing - Investment Properties

 

Your best interest is my top priority!

Comments (1)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

It's sometimes tricky when stating the closing date on the offer.

It's easy to just state "30 days", but depending on when the last signature on the last counter is signed, that closing date could end up on a Saturday and Sunday, which would require and addendum to the contract to change the closing date.

Alternatively, if you just state a specific date on the offer, should the negotiations on price to acceptance take longer than expected, once again you would need to sign an addendum to the contract to extend the closing date if necessary.

Need to take a good strategic look at that when writing offers.

Sep 19, 2011 10:11 AM