Buying a Home: Protocol Closings
June 11th, 2014
When purchasing a home in Manitoba, the purchaser will usually pay interest to the seller from the possession date until such time as the purchaser’s new transfer of land and mortgage are registered at the land titles office, which usually takes approximately 2-4 weeks after the possession date. There is a method of avoiding this interest to the seller by closing the transaction under the Western Canadian Law Societies Protocol method of closing (“Protocol”), but protocol is not possible in all circumstances. To learn more about protocol, and whether it is an option for you, please consult your lawyer.
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