13 Oct When Can I Move In?
The summer real estate season is here and you probably have noticed the moving trucks in your neighbourhood. Unfortunately, sometimes those trucks (and the movers) have to play a costly waiting game if purchasers plan to move in on the same day that the deal closes.
The reason is that most standard form Agreements of Purchase and Sale allow the vendor until 6:00p.m. on the closing date to be out of the premises. In contrast, the lawyers must register the deed in the name of the purchasers prior to a 5:00 p.m. registration deadline.
This discrepancy sometimes results in overlap of the vendors getting out and the purchasers getting in. In most cases, cooler heads prevail and the vendor is given a reasonable amount of time to move out, but this can be avoided if you can plan to move in the day after closing (either with the help of bridge financing or by having a place to stay before you officially move in).