Toronto Real Estate: What to expect when you’re extending
January 8, 2014
Here’s an interesting column from Mark Weisleder – his position is that ‘buyers often need to request an extension to their closing date.’ which is sometimes true but certainly less often in Toronto’s bustling real estate market.
It’s commonplace that most buyers need the money from the sale of their current home. That’s why it’s important to try to get as long a closing date as possible on your new purchase so that you have time to sell your current property. This is especially true if it’s a condo, because the condo market has become somewhat unpredictable. Keep in mind, it’s often difficult to get a seller to extend the agreed upon closing date and they rarely extend. Many people move on the day the home closes to a new home (or at least within a few days.) One person extending their closing date could cause a domino effect!
However, knowing why you might need to extend your closing date is important. Weisleder says the two main reasons are that the financing has fallen through (a good mortgage broker will help prevent this) or that your current home hasn’t sold.
It’s worth a read, to find out what costs you could be on the hook for and the insurance that’s available. The main thing to know – if you think you’ll need to extend your closing date, notify all parties as soon as possible!
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