MacKay & McLean Share Advice on Timeline of Real Estate Transactions
Modern technology has increased the pace and speed with which a real estate transaction may unfold. Transactions Time Frame used to take six to eight weeks, but they can now, sometimes, happen in hours. However, the faster things happen, the greater the risk of error. This is one of the reasons more and more people are taking advantage of title insurance.
Transactions Time Frame for Real Estate Can Vary
There are typical timelines and general order of events in large transactions such as buying or selling a home .Further, many parties can be involved in a standard purchase, sale or refinance. In addition to the lawyer for the vendor, the lawyer for the purchaser, and occasionally the lawyer for the lender, there are the vendors, the purchasers, the realtors, the bankers, the insurance agents, the movers, utilities companies, land titles and taxing authorities involved with agency contracts, listing agreements, mortgage applications, mortgages, application fees, offers to purchase, counter offers, disclosure statements and life insurance and so on and so on.
Everyone takes time to do their respective jobs and every job or task takes time to complete properly. Often one party will have to wait on another party before they can proceed.
In other words, everything takes TIME! To be safe, try and allow for as much time as possible and at best, approximately TWO to THREE WEEKS to avoid late closing interest penalties or missed possession dates.
Buying, Selling or Refinancing Real Estate Property in Regina and area, or need general legal advice?
Being a small Regina, SK firm, the lawyers of MacKay & McLean give personal, professional attention to each of our clients, thus maximizing results while minimizing cost. Our lawyers and front office staff take the time to talk to you so that you are comfortable with the process. More importantly, we take the time to listen to you.