- What Happens on the Closing Date? -
The Closing Date specified in your offer, is the date that
the home purchase will be finalized. The purchaser will
officially receive the keys to the new home; the vendor will
receive the money from the sale.
For the Purchaser:
Your lawyer will receive funds from the mortgage company on
the Closing Date. He or she will use these funds as well as
your "down payment" to pay for your new home.
Your lawyer will transfer the necessary money to the vendor's
lawyer or his representative at the registry office on the day of
closing. The vendor's lawyer will then turn over the keys
to the property as well as a number of important legal documents,
including the deed that signs the ownership of the home over to
you. Your lawyer will check these documents to ensure their
validity. Your lawyer will then register the deed and your
mortgage, and he or she will pay the registration fees and Land Transfer Tax on the purchase from funds
that you have previously provided. Your lawyer will then
contact you to make arrangements to pick up the keys to your new
home.
After the closing date, your lawyer will send you a final
report that summarizes the transaction.
For the Vendor:
Your lawyer will receive the required money from the
purchaser's lawyer or his representative. Your lawyer will
then deposit this money into his Trust account. These funds will
be used to pay out any old mortgage(s), real estate commissions
and/or any outstanding utility or tax balances. The
remainder of the funds from the sale of your home will be paid to
you. Your lawyer will contact you when the transaction is
complete to make arrangements for you to pick up your cheque.
After the closing date, your lawyer will send you a final
report that summarizes the transaction.
Send E-mail to David Fysh at david@davidfysh.com