1) Negotiate a closing within two months
If a closing date is too far away, you run the risk that market conditions could adversely fluctuate, and the downstream effects could result in your buyer no longer being able to qualify for a mortgage, or they may be unable to sell their current home for the price they expected. With current market volatility, this has occurred to many buyers in Ontario in 2025. Keeping your closing date within two months safeguards against unforeseen future market conditions.
2) Obtain the largest deposit possible
In my experience as a real estate lawyer, the more money a buyer provides as a deposit for a purchase, the more likely they are to find a way to close. Given the uncertainty of the market, this is a good rule to follow to make sure your buyer is invested to close on time.
3) Don’t make assumptions
If furniture or any other specific chattels are to be included in the sale, take photos and specify them in the Agreement of Purchase and Sale. Ensure that you view the parking spot and locker unit that is supposed to come with the condo.
Are you assuming a rental contract? See to it that you and your lawyer review the contract as early as possible. It is best to leave no stone unturned and proactively address any issues that may arise prior to signing an Agreement of Purchase and Sale.
4) Be prepared for curveballs
Despite your best laid plans, issues can and will arise during the course of a real estate transaction, and you must be able to solve them. For buyers, this means that if you discover damage prior to closing, you photograph it, obtain a repair estimate and ask for the damage to be repaired by the seller or be given an appropriate credit to the purchase price. Work cooperatively with the real estate agents and lawyers to ensure an amicable result is achieved for all.
5) Do not close both a sale and purchase on the same day
While it may seem attractive to have both the sale of your current home and the purchase of your new home occur on the same day, this idea is fraught with danger—since you will likely need the proceeds from the sale of your home to complete your purchase, you will depend upon the buyer of your current home, and their lawyer, to close the sale of your home as early as possible so that your lawyer can process your purchase before day’s end. If the buyer of your current home needs to extend the closing, or if their solicitor processes the transaction late in the day, you open yourself up to the risk that you will be unable to close your purchase on closing day. In our practice, we always advise clients to consider obtaining bridge financing and close their purchase a few days earlier to prevent any last-minute complications.