Ideally, sell first so the proceeds are available and traceable, then commit them to the U.S. purchase through escrow, then apply. Applying before the sale closes leaves the investment uncommitted; closing the U.S. purchase before approval risks the money with no status assured.
Sale, escrow, application, approval, closing
The E-2 application must show an investment already made or actively in process, and the investor must show the funds are irrevocably committed. If the Canadian sale has not closed, the couple have no proceeds to commit and the application rests on intentions. Hypothetical example: the bed-and-breakfast sale is scheduled to close in the autumn, while the U.S.
seller wants to complete before the following spring. The workable sequence is to close the Canadian sale, place the net proceeds into a U.S. escrow under an agreement that releases them on E-2 approval and returns them on refusal, sign the purchase agreement conditional on that release, apply for E-2 at a consulate, and complete the purchase after approval.
If the couple need to occupy the inn to learn the operation before approval, they should do so as visitors without working, and should not close the purchase or begin managing the business until status is granted. The first review should produce a transaction sequence: source funds enter the applicant's account, the purchase agreement is signed, funds move under enforceable escrow or contract terms, and the visa application describes that trail consistently. Bank statements, escrow instructions, executed agreements, and invoices settle whether the business is genuinely underway.
Hypothetical example: A Canadian orthotic-device maker waits for a seller to accept an offer before moving any money. If the application is filed with only a nonbinding letter of intent, the record may not show a sufficient commitment; a properly documented contingent agreement and deposit create a clearer sequence.