30 Jun Why there should be a minimum of 2 weeks between Condition day and Possession day
Hey there, savvy home buyers, sellers, and real estate investors! Karen here, your go-to real estate expert, ready to drop some serious knowledge bombs on you today. Today, we’re diving into the often overlooked but crucial aspect of real estate transactions: the timing between condition removal and possession. Trust me when I say that having a comfortable two-week gap between these two milestones is an absolute game-changer. Let me break it down for you.
First things first, what exactly do we mean by “condition removal” and “possession”? Well, condition removal is the point in the transaction when all the contingencies and conditions outlined in the purchase agreement are met and satisfied. It’s like crossing the finish line – you’re almost there! On the other hand, possession is the magical moment when you officially take ownership of your new property. It’s the key to your dream home being handed over to you, and it’s oh-so-exciting.
Now, here’s why having a two-week gap between condition removal and possession is a stroke of genius. It gives you the breathing room you need to tie up any loose ends, make necessary arrangements, and ensure a smooth transition into your new abode. Let’s break it down further:
1. Time for due diligence: Before you close the deal, you want to make sure that everything is in order. Having those extra two weeks will allow you to conduct a final walkthrough, check for any unexpected issues, and ensure that the property is exactly as it should be before you make it your own.
2. Finalizing finances: The two-week gap provides an excellent opportunity to finalize all financial matters. You can ensure that your down payment and closing costs (check with your lawyer regarding the final fund amount you need before running to the bank to get that final bank draft), coordinate with your lender, and take care of any outstanding paperwork. This way, you can avoid last-minute stress and enjoy a seamless transition into your new home.
3. Scheduling logistics: Moving is no small feat, my friends. It requires planning, coordination, and a touch of strategic genius. Having at least two weeks between condition removal and possession not only gives your lawyer time to gather the documentation for your file and find a convenient time to meet with you, but it alsp allows you to line up your moving trucks, cleaners, and schedule utility installations. BTW, best practice is to arrange these for mid to late afternoon on possession day.
4. Contingency cushion: Life happens, vacations happen and sometimes unexpected circumstances can arise. Having at least a two-week buffer between condition removal and possession gives you a safety net. If any surprises pop up, such as last minute document requirements from the lender, you’ll have the flexibility to address them without feeling rushed or pressured.
So, my friends, there you have it – a solid argument for why having at least a two-week gap between condition removal and possession is a no-brainer. It’s the secret ingredient that ensures a stress-free and seamless transition into your new home. Remember, timing is everything in real estate, and this strategic move will undoubtedly give you the upper hand.
As always, if you have any questions or need guidance through your real estate journey, don’t hesitate to reach out. I’m here to help you ace this game and make your dreams a reality.