If you are currently a home owner and are selling that property and purchasing a new property it is usually the case that the funds from the sale of your home are needed for the purchase of the new home. People in this situation often think it is a good idea to have the closing date on the same date as the purchase date. This is not a good idea as it can easily become a very frustrating deal for both yourself and the real estate lawyer. When there are two deals on the same day the issue is timing and 5pm is the deadline. All deals must be complete by 5pm and it is hard to ensure the sale is completed early enough to complete the purchase before 5pm. By wanting to complete the sale and purchase on the same day puts yourself in a situation of potentially being without a home for a night or even a couple of days. Although real estate lawyers are professionals at closing both purchases and sales it is only their work they can be sure of timing. Dealing with other party’s lawyers and banks is what can slow down the transaction. When purchasing and selling a home it is recommended for you to always close your purchase first and the bank can arrange a “bridge” to do so then close your sale after. A bridge is when a bank will calculate the amount of money you will receive from the sale of your property and allow that money to be put into the purchase of the new home. After the sale is completed then the money used for the bridge will be paid back to the lender.
To get help on buying and selling home in Toronto, visit http://www.axesslaw.com/lawyers-in-toronto.html and explore the high quality legal services and guidance on your real estate transactions in Toronto.