Buying your first home? When will you be able to move in?

The time you are able to move your things into the new house depends on what time the deal “closes”.  A closing is completed when money has changed hands and the property is registered in your name. After these two things have happened your lawyer can release the keys to you.

  However, a closing can happen any time during the day, up to 5pm. Often, there is a “completion” time listed in your Agreement of Purchase and Sale, which states that deal does not have to close until the end of the day.

   Sometimes, mortgage funds are not received until later in the day. When this happens it pushes the closing time back until later in the day as well. These delays can be unpredictable, as each bank’s system for sending out the funds is different. It is not unusual for mortgage funds to be received mid-afternoon. Keys are commonly released in the 3:30-5:30 pm time frame.

   A closing may (and often does) happen before the end of the day, but you need to be prepared in case it does not. The best advice for moving into your new home is to plan your truck/van for later in the evening or the following day.    That way, if there are delays, you are not stuck waiting with a truck full of your things which can be a waste of both your time and money.

If you have any questions, please do not hesitate to contact me directly 613.623.3177 or by email to ddingman@tslawyers.ca

Dana Dingman, Associate
Arnprior, Ontario

This article is provided as an information resource and is not intended to replace advice from a quaified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this document before making decisions.