Edmonton Real Estate Blog

What is a SIMO?

A “Simultaneous Close” or SIMO is when you “buy” a property on paper, and sell it to a buyer on the same day.

Here is a step by step on how to set it up.

1. Find a property, and get it under contract. Some important things to include in the terms are the following:

  • Make sure you leave yourself some time to find a buyer, make your conditions period at least 2 weeks long, with a closing of at least 4 weeks.
  • Under terms, explain that you need access to the property within 24 hours notice for showing to other investors, inspection, etc.
  • Give a small deposit, and make sure that you write in that your deposit is refundable.
  • Indicate that you have the option to market the property.

2. Once you have the property under contract, have your REALTOR® and lawyer review the documents. It is highly recommended you use a real estate specific lawyer for this type of deal....