It may have slipped by many Canadians, but there is a new statutory holiday coming up that is important to take note of if you happen to be buying or selling a home around the end of next month.In legislation passed earlier this year, September 30 became a stat holiday, designated by the Federal Government as the National Day for Truth and Reconciliation. In addition to an extra day off for many people, closing a home sale is probably an idea to leave for another day.
Why?
Because, like closing on any statutory holiday, it could have implications on the timing of mortgage registration, the distribution of funds and any other related business regarding lawyers or land registry. Payments Canada has declared September 30 a “payments system closure day” — along with nine other federal holidays. It means that anything to do with making payments will not happen on that day.
If closing a sale on September 30 can’t be avoided, for whatever reason, it’s important to do your homework so that you know and understand if additional considerations can be made regarding the schedule around payment system closure day.
Because it’s the last day of the month, it’s more likely that this could be an issue in real estate transactions.