I am selling my home later this month to a ‘newcomer’ to Canada. He has phoned me and requested if he could move in early. Apparently, the accommodations he was staying in have fallen through and he and his family need a place to stay. The transaction is a cash deal with no mortgage. I would like to help him out. What is your advice?
Although many different countries have varying types of arrangements for closing real estate transactions, in Canada, it is strongly advisable to not provide possession to any residence without your lawyer first having the closing funds in their trust account. The problem is that once a person is in possession of a residence, it can be extremely difficult removing them if for some reason the transaction does not close when scheduled.
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An alternate solution may be to move the closing date up a few days. If the purchaser is paying cash for the property, perhaps they will have the ability to access their funds earlier and then close the transaction.