July 2018

The property market in the GTA seems to be taking some strange twists and turns in 2018. We recently moved thanks to a great Home Removal company and a great real estate agent, and our experience on closing the sale of our old home wasn’t “normal.”

Five days before the scheduled closing, our agent notified us the buyer wanted a one-month deferral on the closing date. It wasn’t a great call to receive! We had a four-month gap between the offer and closing dates, which concerned us. As part of the offer, the buyer agreed to provide a standard 5% deposit. At our request, the buyer agreed to pay a second deposit of 3% of the purchase price sixty days prior to the closing.

The bottom line is the buyer closed on the designated date. We don’t know the reason why the buyer wanted to delay closing. There’s no doubt in my mind a deposit of 8% of the selling price was very influential on the buyer closing on the specified date.

The moral of the story is the real estate market has changed in the GTA, and you need to do everything possible to ensure the buyer closes on the agreed date.

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