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On Closing Day

Okay, so you looked at as many houses for sale in Whitby Ontario or Saint Norbert as you could, you finally found one you loved and made an offer on it, then that offer was accepted and now you can finally call yourself a home owner! Well, it's not that simple. Until the sale is finalized and closing day comes you're not technically the owner of the new home in Georgetown Ontario or Saint Norbert just quite yet.

There has to be some paperwork finalized before the sale of the home can be finalized and closing day takes place. Normally, most closing dates take place about 3-4 weeks after the offer you made on Saint Norbert or Toronto homes for sale has been accepted. That time period gives both you and the seller enough time to settle all paperwork such as getting a title search or status certificate. The time in between the offer being accepted and you moving in is also used to get the proper mortgage paperwork completed and signed.

Once all that is taken care of you'll be able to move in on closing day. If you're not sure what to expect on closing day it's pretty straightforward. The funds you need in order to pay for your home will be transferred to you from your bank or private mortgage lender so you can pay off the down payment of the home to the seller.

There is also going to be more paperwork that needs to be taken care of and signed once the seller receives their money and that includes the deed to the home giving you ownership. As soon as you get the deed and mortgage papers registered and pay the land transfer tax registration fees the most important part of closing day will take place, which is picking up the keys to your Saint Norbert or Toronto condos as arranged by your lawyer and the representatives of the seller.

Waiting for closing day to arrive can be quite nerve racking for buyers but the time in between the offer being accepted and you receiving the keys is much needed. As we mentioned, there's a lot of paperwork that needs to be signed, legal documents read over and registered, closing fees to pay and you have to get the funds in place to pay the seller. All of that takes time and you can't rush it. In the meantime, while you wait for closing day to arrive, you and your Saint Norbert or Prince Edward Island real estate agents and lawyers can get ready for your move in date so that you're not left at the last minute scrambling to pack your belongings or hire a moving company. Good luck and congratulations on the purchase of your new home!




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