Closing day is the day in which you have bought a home and it is now being transferred from the seller to buyer. 

In facilitating a transfer of property, there is a lot to do. Being aware of what to do to prepare for closing day and what to expect on it, this is important to understanding how to make the day as smooth and stress-free as possible.

Complete A Final Walk-Through

Prior to closing, you may wish to do a final walk-through of the property, ensuring everything is in working order as you expected. If there were any pre-closing inspection fixes that had to be done – such as heating, plumbing, or electrical work – verify that these were completed before you initiate closing.

You Will Review And Sign Legal Documents

The buyer must sign a number of documents prepared by different notaries or lawyers to secure the mortgage loan and receive the property. At this time, ideally, you would have reviewed the contract to ensure all terms have been met.

Amounts To Buy The Property Are Transferred

Your lender transfers to you the amount of funds required to close on a property, usually in a bank draft. This is then provided to the lawyer to finalize the purchase.

If you are wiring funds from out of the country or are withdrawing funds from an RRSP, or anything similar, all of this should be done weeks before closing so that you have everything available.

You Register The Purchase

After the funds are received, you register the purchase with the Land Title Office and get the title put under your name.

Seller Receives Their Monies

The seller is then provided the proceeds of the sale, minus what is owing to the mortgage balance and closing costs.

Costs Of Closing A Home Sale

What’s referred to as closing costs are the expenses in addition to the down-payment and mortgage. They’re generally owed on or around closing day, depending on what the arrangement is, and includes property transfer taxes, legal fees, realtor fees, and the like.

What Can Go Wrong

In some cases, closing day will not be the day you close because unexpected events may occur. The funds may not be fully available. There may be issues identified in the walk-through and something the seller did not mention. A lender may pull out if your financial situation has changed.

In general, issues like the ones mentioned can be resolved in a day or two.

How To Prepare For Closing Day

Closing day is an important day in the relationship between buyer and seller. It’s where the funds change hands, the property is signed over, and the negotiation comes to a conclusion. The only prep a buyer needs is to make sure they’ve followed the guidance of their realtor, have the funds ready, and are ready to move ahead with the paperwork.

When buying a home in Etobicoke or Toronto, closing tends to move quickly. Properties do not stay around on the market for long and once an offer has been accepted, generally, neither seller nor buyer wants a delay in closing. Be ready to move and have your affairs in order, as a buyer. You will be rewarded if/when you do.

If you are looking to buy a home in Etobicoke, we highly recommend going the journey with a realtor. At Adrian + Andrea, we will ensure you are ready come closing day. Receive the guidance to purchase the home of your dreams in the GTA from an experienced real estate agent that has helped buyers and sellers alike secure the right closing day deal for them. Contact us by email at info@adrianandrea.com or call (416) 319-6893 today.