Closing Day

closing-day

Closing Day is the official day when the transfer of ownership of the real estate property takes place. This day is specified by you and the Buyer or Seller in the Agreement of Purchase and Sale. Typically it is between 30 and 90 days from the day the negotiations take place. The mortgage and the deed for the property are officially recorded and the legal ownership transfers to the new owner.

During Closing, we help:

  • Advocate for your best interests if any issues arise during the closing period
  • Arrange your pre-closing visits to your new home
  • Advise and attend any inspections that might be needed
  • Recommend trusted lawyers, contractors and trades
  • Provide you with valuable contacts to service professionals such as real estate lawyers and reliable movers

Issues can arise on closing day. We plan ahead, identify any potential trouble spots, and work to ensure a smooth closing.

For Sellers:

A few days before Closing Day, you should meet with your real estate lawyer to sign off on the mortgage and legal documents. You will be asked to give a set of keys to your lawyer to pass along to the new Buyers. Your lawyer will notify you on Closing Day when the deal is completed and the keys have been released. The property is officially closed when the money and keys change hands, and the new owners are registered on title.

For Buyers:

Even after we negotiate a successful Agreement of Purchase and Sale, we are in regular contact with you during the closing period to guide you through the particulars of preparing for Closing Day. It’s a busy time with lots to do in order to complete the sale.

Completing the Deal. We can recommend financial services, insurance, inspection, and legal professionals who will complete your deal in time for Closing Day.

Home insurance. Allow time to arrange home insurance in the event that your insurance requires upgrades to your property or its mechanical systems (such as electrical or plumbing).

Connecting utilities, cable, internet, phone. Arrange for everything to be working when you move in. See our “Useful Links For Moving” page.

Packing. We can recommend professional packing companies to assist you.

Movers. Find careful movers who will move your contents with minimal disruption and damage.

Closing Day:

About two weeks or so before Closing Day, you will meet with your real estate lawyer to sign the mortgage papers, the legal papers, and to discuss the Statement of Adjustments. Your lawyer will inform you of the amount the bank draft you will have to bring on Closing Day to cover the balance owing on the transaction and closing costs. You will also make a plan to receive the keys to your new home. Other keys for the garage, shed, locker, mailbox etc. are usually left at the house for the new owner. Timing is important if you are scheduling your move on the same day. The lawyers usually deliver keys near the end of  business hours on Closing Day.