Your offer to purchase has been accepted! The financing is secured. All that remains is to visit the notary. However, given that notaries in Quebec are very busy, the appointment date is set much later than expected. This delay disrupts your plans, and you may be tempted to contact the seller to ask if you can start moving in or, at the very least, begin painting.
But is it really a good idea to move into your new property before the notarial deed is signed?
The answer is no.
Here’s why it’s essential to wait for this crucial step before taking possession of the property.
Legal Risks
Before the notarial deed is signed, you are not yet the legal owner of the property. Any verbal agreement with the seller regarding early access is not necessarily binding and could expose you to legal disputes. If damages or incidents occur during this period, liability could become unclear, leading to complex and potentially costly situations.
Insurance and Coverage
Without a notarial deed, homeowner’s insurance does not yet cover you as the owner. If a disaster occurs (such as a fire or flood), you would not be protected. Moreover, the seller’s insurance policy might not cover your belongings or any damages caused by your presence in the home before the official closing.
Unexpected Changes
Although rare, it’s possible that the sale may not go through, even after the acceptance of the offer to purchase. Last-minute issues related to financing or unexpected findings during the inspection could put the entire deal in jeopardy. If you’ve already started moving in or making changes, you could find yourself in a difficult situation.
Complications with Appraisal
If additional appraisals are required, any modifications made to the property can complicate the process. Appraisers base their judgments on the current state of the home, and any alterations could affect the appraisal value and, consequently, the financing.
Preserving the Buyer-Seller Relationship
Allowing buyers to enter before closing can lead to misunderstandings or tensions, especially if disagreements arise regarding the condition of the home or the work performed. It’s best to maintain a professional relationship and avoid potential conflicts until the transaction is finalized.
In summary, although the wait may seem endless, it is strongly recommended to hold off until the notarial deed is signed and you are officially the owner. This ensures that all parties are legally protected and that the transition proceeds smoothly. Use this time to finalize your moving plans and prepare your future decoration and renovation projects, knowing that everything will be in order once the notarial deed is signed.
As real estate brokers, it is our duty to advise our clients on the best practices for a smooth and secure transaction. We strongly recommend waiting for the notarial deed to be signed before considering any actions related to the property. Use this time to finalize your moving preparations and plan future improvements. Stay patient and confident, knowing that your new home will soon officially be yours. If you have any questions or concerns during this period, don’t hesitate to contact your broker for advice and support. We are here to help you at every step of the process.
