Selling, refinancing and buying again

What it is

Refinancing means discharging the old bank's mortgage and registering the new one, with loan documents signed with us in between. Selling means preparing the agreement, answering buyer due diligence, and settling with the proceeds paid to you after the mortgage is repaid. Selling and buying together means lining up two settlements so the sale money is available for the purchase.

Why it matters

A refinance looks simple but the timing of the discharge, the break fees and the settlement morning are where it bites. A sale puts you on the other side of all the conditions you used as a buyer. A simultaneous sell-and-buy has no slack: if the buyer of your home is late, you are late on your purchase, and penalty interest runs in both directions.

How we handle it

For refinancing we charge a fixed fee and tell you what the bank will need from you and when. For selling we give you a checklist that starts before the agent is appointed, and we review the agreement before you sign it. For a sell-and-buy we settle the sale first on the same day and bridge the gap with the four numbers that matter: sale proceeds, purchase price, new loan and the cash difference.

Common traps

• Agreeing to a purchase settlement date before the sale is unconditional.
• Not budgeting for the bright-line test if you are selling within the taxable period.
• Doing something the day before settlement that changes the bank's position.
• Selling privately without an agent and using an agreement found online.