I have to admit I had no idea how closing days worked. Did we have to be out at a certain time? Was the money automatically available? Were there going to be other unexpected issues?
We planned our closing dates on the properties two days apart, we figured this would give us time to PEI and take care of any necessary business. It seemed like a logical plan. But, as with any of this dream, it did not go exactly as planned.
Our movers were an hour late on the Saturday prior to closing making us an hour late on our last dump run, meaning the dump was closed until Monday (our closing date). I called several places trying to get someone out on a Sunday to pick up a small load but the earliest I could get was first thing Monday and it was a costly visit. So everything was out of our house and I sat on the deck waiting for 1-800-Got-junk. Finally they came and we were ready to head out. I called our agent to let him know we were leaving. I naively thought I would lock the door, drop off the keys to our lawyer, have access to the funds, and be on our way….not quite.
That’s not how things went and as the afternoon wore on I found out your money may not be available on closing day. Our buyer had some last minute paperwork needing to be done and wasn’t meeting his lawyer until 4 in the afternoon. Now you can imagine having most of your possessions on thier way to the island, cars are loaded, pets are ready and you have to wait…and wait. I was determined I was not leaving the province without the funds being in the bank as I did not want to turn and come back if there was something missed in the process.
Just before 5 our lawyer called. Although the funds were cleared they wouldn’t have them until the following morning I was slightly frantic as we had to get on the road to be on the island the next day. Our lawyer assured us it was fine to leave and there would be no issue. If anything came up we would easily be be able to deal with it over the phone or via e-mail. So, against my better judgement we left.
The next morning, our lawyer called to let us know they had made the deposit,in my foggy haze I had said thanks and hung up. An hour later when my hubs and I switched driving duties he checked his account, the funds were held. Apparently, the funds weren’t transferred into his account they were deposited by cheque
We could not do anything without going into an actual branch and even then we weren’t sure what could be done. We were tired and had kids and dogs with us so we continued with the plan of going to summerside.
By the time we checked into our cottage and made it to the bank it was 4:15, the bank closes at 5. The staff here were amazing and about 5 minutes before closing they were able to clear up our funds andnissie the bank draft.
After a good sleep we woke up excited to get into our house, a lawyer meeting was set for 10 and we had our final walkthrough at 9:30. We went to our appointment to sign all our documents and were told the keys hadn’t been delivered so we would have to wait. We headed back to.our cottage and waited.
Finally just after noon the lawyer called and we were able to get the keys and finally step into our new home. We unloaded what we had with us and explored all the nooks and crannies and just took it all in.
We spent that night at our cottage as well, the movers were coming the next day. I had booked for two nights for the sole purpose of not having to rush to set up beds, find towels and all the necessities. Our cottage was equipped and it was nice to head there for a shower and another good sleep before the movers arrived.
If I could do things differently I would have spaced the closing dates out a few more days and gave ourselves the extra day in Ontario for any last minute emergencies.
Feel free to comment or email me if you have questions about moving to the island