Crossing paths on closing

It is a common practical problem on closing day. The lawyer calls you and says that the home is now yours. Excited, you show up at the property with all your gear packed up in the moving trucks, only to find the Seller is still moving out. This can be a very frustrating problem.

The legal response is that once money is paid and the title is transferred, the Buyer now owns the property and the Seller no longer has a legal right to be there. In accordance with the terms of the agreement, the deal is now completed. The problem is what can a Buyer realistically do about it?

The practical response is that a Buyer must be PATIENT. The parties must work it out. The Buyer can go out for a bit and return later. Perhaps the Seller's stuff can be relegated to a particular room while the Buyer moves into the remainder of the house. The Buyer could even offer to help the Seller. While these options may not be optimal there really is nothing more a Buyer can do in these circumstances. Remember that patience, cooperation and a healthy dose of common sense should not be disregarded just because you're moving.

What does Tammy think?

If this situation doesn't seem like the best option for you, maybe you should consider "Bridging". You may qualify to Bridge with your financial institute or Mortgage Broker. Meaning, if you have SOLD your home, you would carry both homes for a period of time. Even a couple days would suffice. IE, you close on the home you are moving into on 1 day, and close your home 3 days later. This way you can leisurely move in and not have the pressure of moving the same day as the seller is moving out.

Or if you do not have a home to sell, maybe wait till the next day to start moving your belongings in. That's why I suggest Thursdays are a good closing date. If it closes Thursday, you can start moving first thing Friday morning.

People do this sometimes if they want to paint the home, put in new flooring, or do some renovations before moving all your belongings in. Easier and quicker to do this. No furnature to move, and no headaches while living in the space while you are renovating.

It’s best to talk with your financial institute or Mortgage Broker to see if you can do this and at what cost.

One of my clients was able to Bridge for a week, and it only cost them $50.00 to do so. I think that would be well worth it!

To talk to a mortgage broker for more information, I would recommend Dwight Trafford from the Mortgage Centre. If you would like to set up your personal appointment to view homes, or have your home listed, please contact Tammy!

If you need to retain a Real Estate Lawyer, please contact:

Jason A. Self, B.A. (Hons), L.L.B.

Stutz & Associates

269 Broadway

Orangeville, ON, L9W 1K8

Tel: 519-941-7500

Fax: 519-941-8381

email: jself@wstutzlaw.com

web: www.wstutzlaw.com