1. Waiting until the closing date is close
Contact a lawyer when you need advice, including before signing an agreement. Once signed, provide the complete agreement and any amendments promptly so the team can assess the work and timing.
2. Assuming a condition deadline extends itself
Record the exact date and time. If you are waiting for financing, an inspection or a condo review, raise the issue before the deadline. Ask for advice before waiving a condition.
3. Treating a mortgage approval as money ready to transfer
Ask your lender or broker when legal instructions will reach the lawyer and whether conditions remain outstanding. Let the team know about changes to the financing.
4. Budgeting only for the down payment
Plan for taxes, the legal fee, permitted disbursements and closing adjustments. Use the land transfer tax calculator as an initial estimate, then obtain a file-specific closing statement.
5. Overlooking a mortgage penalty
Before committing to a sale or refinance, ask your lender about payout charges. A penalty or secured credit line can change the funds left after closing.
6. Leaving ownership decisions until signing
Tell your lawyer who should own the property and why. Adding or removing someone can affect financing and tax treatment. A title transfer needs its own consideration.
7. Assuming sale proceeds will arrive in time for a purchase
Provide both agreements and explain whether you need the sale funds to buy. Discuss the dates with your lawyer and lender before relying on same-day funding.
8. Treating a condo review as a formality
Provide the complete status certificate package and explain your plans for pets, rentals, renovations, parking or a locker. Those details help focus the review.
9. Acting on changed payment instructions without checking
Before sending closing funds, verify instructions using a phone number you already know to be genuine. An unexpected email changing payment details needs direct verification.
10. Assuming keys will be available at a particular hour
Coordinate moving arrangements around the actual closing process. Ask how completion and key release will be confirmed, and keep essential items accessible if timing changes.
Need help with your own closing? Request a written quote or call 905 917 0887.
General information for Ontario property transactions. Advice depends on your agreement and circumstances.