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Archive for October, 2015

Try to avoid buying and selling on the same day

In my real estate practice there is nothing more difficult than saying to a client who is on a moving truck on their way to their new home that because their sale could not close that day, we do not have the funds to close their purchase, so they have to go to a hotel for the weekend and store their furniture.

The good news is that this can be avoided if the proper steps are taken in advance. Here are four steps to remember to avoid this happening to you.

Avoid buying and selling on the same day.

Whenever possible, close your purchase a few days ahead of your sale and arrange bridge financing. Your lender will in most cases be happy to assist you, as long as you have signed an agreement to sell your home. The cost will usually be $2-300 dollars and is well worth it. You will likely save much more in reduced moving costs and there will be less likelihood that items will be damaged, which is usually what happens when you try and rush a move from one home to another on the same day. You will also avoid headaches with trying to schedule a move in time at a condominium, which is usually only available for a 2 hour period and is very difficult to predict when buying and selling on the same day.

Ask your seller if they need the money to close another deal.

If you must close both your deals on the same day, ask your seller whether they need the money for their own purchase the same day. If the answer is yes, it puts a lot more pressure on you to close your deal on time, since the seller could face their own penalties if they have to delay their purchase transaction.

Ask your buyer if they are also selling the same day.

Similarly, your ability to close your purchase is dependent on your buyer being able to close with you. So ask in advance if the buyer has to sell their own house the same day or whether they have arranged their own bridge financing. You do not want to be a part of what we call a real estate train wreck, where the failure of one buyer to close causes multiple deals not to close as well, as they are all dependent on each other.

Get the paperwork to your lawyer early in the process

When clients send me the paperwork in advance, we will immediately review deals that are scheduled to close on the same day and alert the other lawyers involved early in the process so that if an extension is required for any reason, it is done as early as possible, to avoid increased costs or damages that may occur.

By understanding how to avoid the pitfalls of buying and selling on the same day, it will ensure that your next move to a new home is a happy one.

Mark’s Contact Information
Mark Weisleder is a Partner, author and speaker at the law firm Real Estate LLP. Contact him at or 1.888.876.5529

With my partners at Real Estate LLP, I am now able to close real estate transactions all across Ontario with our 29 Offices & Free Mobile Signing Service and I appreciate your trust in referring your clients to me.

If you have any stories to share about the housing market or just need some advice, please contact me at

Second-hand smoke

I read a piece recently in The Toronto Star that I think bears repeating here. Lawyer Gerry Hyman writes: A condo owner complained that the person living in the unit below her smokes on his balcony and this drifts up to her balcony and ultimately into her apartment. The condo management maintains this is a difficult situation as the man is smoking on common elements. However, when pointed out that according to the rules of the condo corporation, smoking is prohibited in hallways, elevators, lobby and other common elements, management’s reply was  “This is different.”

Gerry Hyman responded: The corporation has an obligation, under The Condominium Act, to enforce the act, declaration and by-laws and rules. Section 117 of the act says that no person shall permit a condition to exist or carry out an activity in a unit, or on the common elements, that is likely to damage the property or cause injury to an individual. There is ample scientific data that second-hand smoke constitutes a danger to persons exposed to it. I believe the corporation is obligated to take steps to prevent the individual from smoking in such a way or a location that permits the smoke to invade your balcony or unit. That could include, if necessary, requiring the owner to stop smoking.

The owner may claim that he is addicted and therefore has a disability and the corporation, under the Human Rights Code, must accommodate his disability by permitting him to smoke. Such an argument, even if valid, would not prevent the corporation from requiring that the owner smoke in a location that does not permit the smoke to enter your balcony or unit.

Although Section 117 of the act constitutes a sufficient requirement for the corporation to act, the corporation might pass a rule consistent with that section and spelling out the smoking limitation.

Gerry Hyman is a former President of the Canadian Condominium Institute and author of Condominium Handbook.