House Sold. Is it closing date be the date the cancellation becomes effective?

by Ryan P
(misissuaga, on, canada)

Hi There,

My house was sold and the closing date is 1 month from now. Shall I notify the insurance now to cancel the insurance with effective day as the closing date. It seems legal professional suggest at least pick the cancellation date as one day after the closing. Some even suggests to seller that they should only notify the insurance company when in fact the closing has been done as it is hard to get the coverage back if the delayed closing happen. What is the right way to go?

Tks
Ryan

Canceling Home Insurance and Closing Dates

Hi Ryan
In most instances its okay to cancel after the home closes (e.g. when the lawyer tells you it is closed or the next day). You might have to sign something with the insurer. But there's nothing to stop you from cancelling on closing.

You should speak with your licensed representative about this as well.



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