When you buy and close a home, how soon you can take possession of a property varies. The negotiations involved in closing will take as long as they take – days, weeks, or even months. After the negotiation is concluded, the sales agreement is signed, and the terms are met, a date can be provided for when the new homeowner can assume possession of the property.

Here is an in-depth look at how soon you can take possession of a home as a new homeowner in Etobicoke.

What To Expect From The Closing Timeline

The average closing timeline for a real estate sale in Toronto is 30-60 days after an offer is accepted. Many factors can extend or shorten this timeline, such as securing financing and awaiting inspections that need to be completed.

This Is Why Mortgage Pre-Approval Is Important

If your mortgage is pre-approved, it can expedite the closing process and allow you to take possession of your dream home faster. Otherwise, a lender may take 30-45 days to approve a mortgage and process the paperwork.

Conduct A Home Inspection As Early As You Can

A home inspection and appraisal should be scheduled within the first week of the sales contract. What the appraisal or inspection turns up may lead to renegotiations which is why a buyer will want it done early. It can easily impact when you take possession of your new home.

There’s a lot to know about buying a home! Read these blogs for more insights.

Complete A Title Search And Obtain Title Insurance

A title search should be completed within 10-14 days of an offer being accepted. If there are issues with a title search, such as unexpected liens being found, this will rightfully delay possession.

Fulfilling Seller Contingencies And Conditions

A seller may need time to secure new housing before moving out. They may also have contingencies that need to be met before the contract is fulfilled. Ensure you give the seller the time they need to get their affairs in order as it pertains to completing the sale and vacating the property.

Setting The Possession Date

A buyer and/or seller can request and negotiate an exact possession date during the early stages of making an offer. It is key to be flexible on both sides as each party has their own needs and constraints that they must work with.

Requesting Early Possession Is Possible

You may request and negotiate early possession if the seller agrees. In certain cases, the buyer may want to offer to pay rent until the closing date to help facilitate early possession.

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What To Expect On Closing Day

Come closing day, expect to sign multiple documents and have to file paperwork as the funds are being transferred. At that time, ownership of the property is legally transferred to the buyer.

Common Delays Should Be Handled With Patience

Delays do come up when closing a real estate sale. Incomplete paperwork, financing issues, or unresolved contingencies are all common. Prepare for these setbacks. Maintain open communication with the seller to set expectations and mitigate delays.

Adrian + Andrea are the best Etobicoke real estate team to help you sell or buy your next home. Allow us to assist with negotiating the sales agreement, ensuring your rights and wishes are respected and that a clear possession date is set.

Hire Adrian + Andrea to find your next Etobicoke dream home! Send us an email at info@adrianandrea.com or call (416) 319-6893 to get in touch.