Closing Time What Can Be Expected

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The term ‘Closing ‘ refers to the preparation for the moving of ownership of your new property from the seller to you. Around here we wish to call it ‘Celebration Day ‘! This is a day you will not forget, particularly if it's your first home. Closing day, which is the day you and the Seller agreed on in the Accord 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 throughout the closing period, I still counsel you call him or her 2 weeks before the closing date to approve your appointment to sign the mortgage papers, the legal papers, and to talk about the Statement of Corrections. Your counsel will inform you of the quantity of the balance owing on the exchange so you can bring an authorized check to cover the closing costs, when you meet your lawyer right before closing day.

At this meeting, you will want to for a plan to get the keys to your new place. Sometimes the lawyer’s office will courier the keys to you, or you can set up a spot where you can pick them up. Usually you get the basic entry key (s). A second set of keys as well as any other small keys (for a shed, locker, mailbox for example.) will be left at the house for you by the Vendor.

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

It’s best to move in 1 day after closing if you can, or if not, arrange a moving wagon for the early afternoon at your old place. The timing should work if it requires a couple of hours to load the lorry and drive to your new home. Then you celebrate at your 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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