How soon after closing the deal on a home I bought can I then sell it?
You can sell your home right away. It can be as early as the day after you have closed the property and received the keys. That said, just because you can, does not necessarily mean you should.
If you are thinking about this — often referred to home flipping — I encourage you to consider a few things before making your decision.
- Review your current mortgage contract and check for any specific restrictions. If you sell the property shortly after purchasing it and have a closed mortgage, you will have to pay a fee, known as a prepayment penalty, to break the agreement.
Many mortgages have limitations on how and when you can make additional payments. The exact amount will depend on the details of your specific mortgage contract; however, it can be substantial and generally ranges between two and five per cent of your…