Congratulations, Closing Day is the day you become the official owner of your home.
However, the closing process usually takes a few days.
Typically, a few days prior to your scheduled closing date that has been identified on your Agreement of Purchase and Sale, you will need to visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
NOTE: At this meeting you will need to be prepared to show personal photo identification documentation ie: passport, driver's licence and social insurance card. Note: expired id. will not be accepted. These documents will be copied for file records for each and every transaction processed.
Before keys can be released by the lawyer to you on the date of closing, the mortgage lender must provide closing monies, any closing cheques must be certified, documents must be exchanged between the lawyers for the buyer and seller, and the land registry office registrations must be completed. By the time all of these things happen on closing day (and these things MUST happen first before the key can be released to you), it will usually be late in the afternoon and often be about 5 p.m. on the date of closing and keys can only be released to you at this time.
CAUTION if you are moving on closing day or arranging for work to be done on your purchased residence, we suggest that you consider arranging movers to arrive at the property late in the afternoon in order to avoid unnecessary moving costs if you are paying movers on an hourly basis.
Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home. Ensure that you have made arrangements ahead of time with your lawyer for key pick-up.
Congratulations! You've just bought a home!
For more information, please contact a
Royal LePage TEAM REALTY Sales Representative.