They were extremely professional, knowledgeable and patient with me throughout the entire. In structuring our buyers agreement, he made sure he was detailed in our conditions (much like a lawyer), which greatly helped when we had a dispute with the seller (and was quickly resolved due to Amit's great writing of conditions). From the times he helped me rent my property over the years to my initial interest in selling. Although a buyer may be pre-qualified for a mortgage to short-cut the amount of time required to prepare the mortgage for closing, banks still may have last minute requests that postpone the closing. The closing date specified in the purchase contract can be arbitrary, as it is often simply an estimate of how long it will take the parties to satisfy the various contingencies. ... the terminology differs from builder to builder, and can be confusing to buyers. If the purchaser is not given notice of the confirmed occupancy date 90 days before the tentative occupancy date, then the tentative date automatically becomes the confirmed date for the purpose of calculating compensation for the delay. Showing us actively houses. Here are some of the most expensive closing costs that investors should factor into their accounting. In Maharashtra it would be MCLR - SBI + 2%. He was very professional. The buyer simply needs a few days to resolve last-minute loan issues or scrape together some extra cash for closing. What should I do? The builder is permitted to use both of these extensions as long as they give required notices and the total of the two extensions does not exceed 135 days. His deep knowledge coupled with interpersonal skills has made our experience much easier for my family then it really is. While interim occupancy is beneficial because it means that you can take possession of the suite earlier, rather than having to wait until the developer has completed all the other units and final inspections, it can add a bit of confusion to the pre-construction closing phase. Amit always goes above and beyond – I don’t think you can find a better realtor in Toronto area. It is prudent for buyers to speak with the builder and / their own real estate lawyer handling the closing. Your Condo Closing: What to Expect. What Options Do I Have If the Buyers Delay a Closing?.