Put the dates, cash movements and financing conditions on one page.
Build a closing calendar
Record the purchase closing, sale closing, condition deadlines and the dates when deposits are due. Identify the day funds must be available, not just the day you expect to receive them. Give your lawyer and mortgage professional the same calendar.
Separate timing from qualification
A timing solution does not replace approval for the new mortgage. Discuss the purchase financing and the temporary gap together. Ask which parts depend on a firm sale and which depend on the new property or your income.
Allow for overlapping costs
Budget for both properties during the overlap, along with moving expenses and temporary financing charges. Ask what a delayed sale closing would mean. An affordable planned overlap may become uncomfortable if dates change.
Keep everyone informed
Share amendments to either agreement promptly. Before closing, confirm the source of each payment and who is responsible for directing it. Use the initial consultation to identify the questions that need specialist follow-up.
Write down the fallback
Map what happens if either closing date moves. Ask your lawyer and lender which conditions protect you, what bridge extensions might cost and whether you could carry both properties. A plan based solely on the expected sale price and date leaves important risks unanswered.
How does this apply to your plans?
No obligation. A personal conversation with Tajwar.
Further reading: RBC: Bridge financing
General information, not a commitment to lend. Mortgage eligibility, costs and terms depend on your circumstances and the lender.