The term ‘Closing’ refers to the process whereby ownership of your new home is officially transferred from the Seller to you.
It all culminates in “Closing Day” which can be an exciting but also stressful day, especially if it’s your first home. But once all of the legal stuff with the Deed, Title and Mortgage is taken care of by your lawyer, you take possession and become the legal owner of your home.
You’ve probably been in contact with your lawyer through the closing period, but make sure you call them two weeks before the closing date to confirm your appointment to sign the mortgage papers, the legal papers, and to discuss the Statement of Adjustments.
Your lawyer will inform you of the amount of the balance owing on the transaction so that you can bring a certified cheque to cover the closing costs, when you meet your lawyer right before closing day. You’ll also want to ask him or her about getting the keys to your new home.
Sometimes the lawyer’s office will courier the keys to you, or you can arrange a location where you can pick them up. Typically you get the basic entry key(s) from the lawyer . A second set of keys as well as any other small keys (for a shed, locker, mailbox etc.) will often be left at the house for you by the Seller.
On the actual day of closing, your lawyer will notify you that the transaction has officially closed and that the keys are available for pick up. There is no set time as to when you will receive the keys, but lawyers’ offices often close early so you should have them by 5 pm.
This is important to remember, especially if you’re planning to move in right on closing day: you may not get the keys until late afternoon. So you will want to stay in touch with your lawyer that day and keep the movers updated on the timing of closing.
Be prepared for a busy day, with a lot of running around . As a courtesy to the people moving into the home you just sold, you will want to be out and gone as soon as possible so that the Buyers can start moving in themselves.
Many people are often willing to pay for a couple of days or more of bridge financing so that they can move in after the closing date. This allows them a more relaxed move and the possibility of doing a thorough cleaning if necessary. If there is enough time between when you take possession of your new house and when your current property closes, you can do some painting or renovations as well.
