I have a purchase and a sale closing on the same day. What should I expect?

Having the same closing date for your purchase and sale can be tricky and risky. If you require funds from your sale in order to complete your purchase, then you will need your sale transaction to be completed in full before any of those funds can be used for the completion of your purchase. Complications can arise if the buyers on your sale transaction have issues closing, in which case your purchase transaction may be delayed or jeopardized.

This being said, it is best if you schedule your purchase and sale closings on different days. If you require the funds from your sale for the purchase, you may want to speak to your mortgage broker about whether you qualify for a bridge mortgage. 

If you absolutely have to close your sale and purchase transactions on the same day, there is no reason to be overly stressed about it as these types of concurrent transactions are common and the majority of them close without any issues and most of the ones that have issues end up closing after a 1-day extension.