Unless it was stated in your purchase agreement that you could move into your new condo as soon as the ink on the contract dried you more than likely won't be moving into your new home anytime soon. The main reason for that is the previous tenants or owners of the real estate property you just purchased need time to pack their belongings and move to their new home or they still need to find another property of their own to call home.

The only way to make sure you know the exact date that you can move into your new luxury condo is by having a specific move in date written into the purchase agreement that both you and the seller mutually agree upon. In the real estate world this is known as the closing date agreement and it isn't all that difficult of a thing to come to agreement on.

A closing date agreement is pretty much standard in any home purchase contract, be it anywhere in North America. The only difficulty lies in coming up with a date that both parties can agree upon. During the negotiation process a closing date usually tends to be one of the first topics debated, as the purchaser of the home wants to know the earliest date that they can move into their new home and the seller wants to have enough time to take care of their moving out process.

If an owner of a condo is selling their unit without having purchased a new home yet you might have to wait awhile until you move in, which is good thing to know before you make an offer on their property. It can be hard waiting to move into a home you just purchased, especially if the wait could last months. That's why when you're looking into potential real estate properties to purchase you should keep that in the back of your mind so that you can at least prepare yourself for what could turn out to be a potentially long waiting period until you get to move in.

Sometimes a closing date agreement can be pushed back, if one party asks for such a thing to happen and the other party agrees to it. Reasons for this include the seller has been told by their home builders that their new home isn't ready yet or the buyer hasn't been approved for a mortgage yet and are waiting on the paperwork to go through. As a buyer of real estate you should have all your options open and know what the closing date of your purchase is so that you can prepare for your move around that date.

Read "17 things to know about closing your house deal" for even more information about closing dates in real estate terms.




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