AVOID June 29th to July 8th Possessions

 In Calgary Real Estate News, Tips & Tricks

This will be the most difficult time of the year to close real estate transactions and should be avoided whenever possible for several reasons.

  1. Busiest Closing Day of the Year – The Friday prior to the Canada long weekend is traditionally the busiest closing day of the year. As a result, mortgage lenders have challenges funding their mortgages on time that day
    • If mortgage funds are delayed, the buyer will need to pay late interest until the following Tuesday (if the seller grants an extension)
    • Typically moving companies are booked for the Canada Day long weekend months in advance
    • Anyone booking an elevator for that weekend at the last minute will be out of luck
  2. Property Taxes – Friday, June 29 is the deadline for paying property taxes in Calgary and it’s impossible to verify on that day whether or not the property taxes have been paid for the year by the seller
    • This will require a hold-back of funds until the Calgary municipality posts all the payments made
  3. Stampede Parade Day – Friday, July 6th is parade day. All branches of all banks are closed in the morning of July 6th due to the requirement of extra police presence in the downtown core
    • This makes it difficult to fund and pay out mortgages and deliver funds to seller’s lawyers to secure release of keys on this day

 

 

 

 

Information provided by:
Lubos Pesta
Real Estate Solicitor
Walsh LLP

 

Felix Chan
Calgary Realtor & Mortgage Broker

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