Will my Closing be delayed?

While we strive to ensure that the closing happens as scheduled, there are instances where unexpected delays can occur. The closing process involves coordination among various parties, including lawyers, lenders, and other professionals, and sometimes factors beyond our control can impact the timeline.

However, it’s important to note that most closings happen on time without any significant delays. We work diligently to facilitate a smooth transaction and keep all parties informed throughout the process.

It is also important to note that due to the nature of the conveyancing process delays or issues may not arise until the mortgage of the Closing Date or shortly before. While this is frustrating and can be stressful, please know that our team has dealt with most possible issues, and there is usually a solution that will allow possession as soon as possible.

In the event that a delay does occur, it is typically due to circumstances such as:

Financing-related delays: Sometimes, there may be delays in receiving mortgage funds from the lender, which can affect the closing timeline. This could be caused by last minute underwriting requirements, issues with documentation, technical banking issues, or other unforeseen factors.

Legal or title-related issues: Occasionally, legal or title-related matters may arise that require additional time to resolve. This could include issues with the property title, liens, or encumbrances that need to be addressed before the closing can proceed.

Coordinating schedules: Coordinating the schedules of all parties involved, including the buyer, seller, lawyers, and other professionals, particularly where one of the parties is signing remotely,  can sometimes pose challenges and lead to minor delays.

In the event of a potential delay, we will communicate promptly with all parties involved and keep you informed of any developments. Our goal is to minimize any disruptions and work towards a timely resolution.

It’s important to remember that while delays can occur, they are usually unforeseen and are not a common occurrence. We will make every effort to ensure a smooth and timely closing process, providing updates and guidance throughout.

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Updated on August 24, 2023