6:00 closing

The standard form of residential real estate agreement used in the vast majority of deals allows until 6:00 p.m. on the day of closing to complete the transaction.

I have never been able to figure this out given that the Land Registry Office and the online registration system close down each day at 5:00 p.m. And not open on the weekends.

This makes it difficult to sort out what is to be done when a Purchaser arrives with money after 5:00 p.m. but before 6:00 p.m.

The simple solution is to amend the agreement to provide that it must be completed by 5:00 p.m. on the closing date.

Another good rule of thumb is, CLOSE ON A DIFFERENT DAY OTHER THAN FRIDAY. The reason for this, is if it's a Friday and there are issues that arise, (though it doesn't happen often) and the home can not be closed that day, you most likey would have to wait till Monday. Then what do you do for the weekend?

If it was for example Thursday, the Lawyers will have an extra day to figure things out and get you in before the weekend.

Its hard navigating through the buying and selling process. Call or email Tammy Woods to help you! She has a fantastic system that will guide you through the process.   

Jason A. Self, B.A. (Hons), L.L.B.

Stutz & Associates

269 Broadway

Orangeville, ON, L9W 1K8

Tel: 519-941-7500

Fax: 519-941-8381

email: jself@wstutzlaw.com

web: www.wstutzlaw.com