Scheduling the sale of your current home and the purchase of your next home on the same closing day seems like the easiest option.
On paper, it's the perfect plan: you sell your home, receive the proceeds, use those funds to complete the purchase of your next home, and move into your new home - all on the same day. No temporary accommodation, no storage unit, and no moving twice.
Sounds perfect, right?
In reality, while this strategy works for many homeowners, it's not always the option we recommend. After helping hundreds of buyers and sellers over the years, we've learned that putting everything on the same day can create unnecessary stress if anything doesn't go exactly as planned.
Why Same-Day Closings Can Be Risky
The biggest challenge is that every step of the transaction depends on the previous one.
On closing day, your lawyer must receive the sale proceeds before those funds can be used to complete the purchase of your new home. If there is a delay anywhere along the chain—whether it's mortgage funding, bank wire transfers, lawyer processing, or another transaction ahead of yours—your entire moving schedule can be affected.
We've seen this happen firsthand.
Recently, we helped a client sell their home in Burlington while purchasing another property in a different city. On closing day, a delay in the transfer of funds between lawyers pushed the sale closing to the following day.
Fortunately, we had recommended scheduling the purchase two days after the sale. As a result, there was no impact on the purchase of the new home, and our clients avoided what could have been a very stressful situation.
Had both transactions been scheduled for the same day, the outcome could have been very different.
We've also seen clients sitting in a moving truck packed with all of their belongings, waiting for a phone call from their lawyer confirming that the keys were finally available. That's a level of stress most homeowners would rather avoid.
Three Tips for a Smoother Move
1. Leave 1 to 3 Business Days Between Closings
If your situation allows, we generally recommend closing on your sale first, then purchasing your next home one to three business days later.
This gives your lawyer enough time to receive and transfer the funds, while also providing a buffer in case unexpected delays occur.
2. Avoid Closing on Fridays or Before Long Weekends
If something goes wrong late on a Friday, banks, law offices, or the land registry may already be closed. A delay that could normally be resolved within a few hours may have to wait until the next business day—creating unnecessary complications for your move.
3. Avoid Month-End Closings When Possible
The last few days of each month are typically the busiest time for lawyers, lenders, and land registration offices, as many real estate transactions are scheduled to close before month-end.
Whenever possible, choosing a mid-month closing date can help reduce the risk of delays.
What If You Have to Close on the Same Day?
Sometimes, same-day closings are unavoidable—and that's perfectly okay.
The key is preparation.
Work closely with your realtor, real estate lawyer, mortgage broker or lender, and moving company well in advance. With good planning and clear communication, most same-day closings are completed successfully.
If you're planning to buy or sell in Oakville or the GTA, we'd be happy to help you create a timeline that minimizes risk and makes your move as smooth as possible. Call or text 647.598.8488 to get started.
