Real Estate Closing Day What Should Be Expected

The term ‘Closing ‘ alludes to the preparation for the transferring of possession of your new property from the seller to you. Around here we like to call it ‘Celebration Day ‘! This is a day you probably will not forget, particularly if it's your first home. Closing day, which is the day you and the Vendor agreed on in the Agreement of Purchase and Sale, is the day you become the official owner of your house. Once the mortgage and the deed for the property are officially recorded, you become the legal owner.

Though you've doubtless been in contact with your barrister across the closing period, I continue to counsel you call him two weeks before the closing date to confirm your appointment to sign the mortgage papers, the legal papers, and to chat about the Statement of Alterations. Your lawyer will inform you of the quantity of the balance owing on the transaction so that you can bring an authorized cheque to cover the closing costs, when you meet your barrister right before closing day.

At this meeting, you’ll want to make a plan to get the keys to your new home. Infrequently the lawyer’s office will courier the keys to you, or you can set up a location where you can pick them up. Typically you get the basic entry key (s). A second set of keys as well as any other little keys (for a shed, locker, mailbox for example.) will be left at the house for you by the Seller.

On the actual day of closing your lawyer’s office will notify you the real estate transaction has officially closed and you are now recorded on the title of the property. There's no set time as to when you'll receive the keys, but barristers ‘ offices close early so you must definitely have them by 5 pm! This is significant to recollect , especially if you’re meaning to move in right on closing day: you may not get the keys till late afternoon.

It is best to move in at least one day after closing if you can, or if not, prepare a moving truck for the early afternoon at your old place. The timing should work if it takes a couple of hours to load the lorry and drive to your new home. Then you celebrate at your brand new house. It’s all yours!

Elli Davis and her team are the top Toronto MLS listings expert in the GTA MLS segment.

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