My Sale and Purchase is closing on the same day, is that a problem?
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Here is where potential problem lies: Most of us need money from the sale of the house, to complete on the purchase on the new property. Therefore, on the day of closing, we have to wait until the sale of the property is done. The person that is in charge of this process is not Your Notary, it is Buyer`s Notary or Lawyer and that is why the outcome cannot be predicted.
Many things may affect the time of the registration of your sale. The other Notary or Lawyer, may be really busy and not have time to do registrations first thing in the morning, or the Bank for your Buyer may delay funding of money until the end of the day. Only once the sale is completed, the Notary or Lawyer for your Purchaser would call our office and say: It is done- you can come and pick up the money…
Next, your Notary will send a courier to pick up the money from the other office, deliver funds to our office, after that we send someone from our office to the bank to deposit this money into our bank account. Only after money from the sale of your house is on our Bank account, we can go ahead with the registration of your purchase. Now imagine, what if the phone call from the other office to pick up the money was received at let’s say at 4p.m… Couriers stop running at 5 pm.. so, the money may not get to our office until the next day.
As you can see, in this day and age of wireless technologies, money are still delivered with the horse power.. .sort of speak. That is why it is not advisable to have a sale and purchase on the same day, especially if that day is FRIDAY!
Now, sometimes it just has to be done on same day. I totally understand it.. In that case we communicate with the other Notary or Lawyer and beg and ask them to do everything possible in their power to give us money as soon as possible on the day of closing, and most of the time it works. I would say 98% everything completes on time, but do you really want to be that 2% that does not ?
