When writing an offer to purchase, you need to choose a closing/ possession date. That’s the day the money is sent to the seller’s lawyer, and the day you get to move in. It’s best to avoid Fridays.
Keys are not released on a property until funds have been received by the seller’s lawyer. (Check out our what happens on closing day).
Most of the time, funds are received by about 11:30 am, and keys are released right away with no problem. However, once in a while, there is a slowdown at the bank releasing mortgage funds. When there is a delay, possession can be delayed until the next business day. If your possession is on a Friday, this next business day is Monday, (and if there is a long weekend, the buyer could be stuck until Tuesday).
It is possible that the seller might grant Tenancy at will, (which means giving possession before the funds have been received. But they do not have to.
If you are moving out of your rental into a new home, give yourself a week if you can when you still have the rental, and own your home. This gives you time to move out of the rental, and get it ready for the inspection with your landlord.
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