Knowledge centre
A closing extension is a negotiated legal amendment, not an automatic favour. Before agreeing, calculate extra interest, accommodation, moving, storage, rate-expiry, mortgage-extension and legal costs, then have the lawyer document responsibility.
Notify the Realtor, lawyer and insurer promptly. The agreement, seriousness of the damage, insurance response and repair evidence determine the next steps; a buyer should not assume the deal automatically ends or must close unchanged.
Contact the lawyer immediately. Occupants, belongings or a continuing tenancy can create legal and practical problems. The Realtor can gather facts, but the lawyer must advise on the agreement, possession rights, closing and available remedies.
Preserve evidence and contact the Realtor and lawyer immediately. The agreement’s wording, the nature of the item and available remedies matter; the buyer should not deduct money, refuse to close or make a side deal without legal advice.
Closing is a legal and funding process, not a guaranteed morning appointment. Keys or access are normally released after the lawyers exchange funds and documents and the transfer is completed under the closing procedure.
The statement of adjustments reconciles purchase-related amounts between buyer and seller, such as the deposit and certain prepaid or unpaid property expenses. It can change the cash your lawyer needs even though the purchase price has not changed.
Ask your lawyer for the amount, payment method and deadline early. Your down payment and closing funds must be available, traceable and consistent with the mortgage approval; last-minute transfers, borrowing or unexplained deposits can delay the file.
Use the visit to confirm that the home remains in the agreed condition, included items are present, major systems operate and promised work appears complete. Report a problem immediately; the walkthrough does not let a buyer casually renegotiate or cancel.
The mortgage payment is only one part of ownership. Taxes, condo fees, utilities, insurance, repairs, rented equipment, special assessments, commuting, maintenance and near-term replacements can turn an affordable price into a strained monthly budget.
The sale does not automatically erase an existing tenancy. Lease terms, lawful rent, deposits, notices, vacant-possession expectations and intended occupancy can affect closing, cash flow and financing.