What really happens on closing day?
“Closing Day” here really means the days just before and after as well as closing day itself. Here’s your reward for all of your hard work: the keys to your new place!
Following the firm period, you’ll generally be asked to meet with your lawyer a day or two prior to closing day to sign a stack of documents that will put the property in your name and register the mortgage in your name on the property if you’ve borrowed from a lender in order to purchase. You’ll also need to bring a cheque to cover the down payment for the property as well as any closing costs (lawyer’s fees, etc.) that have been incurred.
Your realtor, lawyer and lender will help make most of this process automatic. They’ll remind you of what documents and signatures that they need, and ensure that you don’t miss any deadlines.
On closing day itself, you’ll generally get a call from your lawyer in the afternoon once the purchase is officially complete, and you’ll pick up your keys at his office. At this point, you may wish to call your realtor to notify him that you’ve successfully closed, as he may have some tips for closing day.
Tips for closing day:
Don’t plan to move on closing day if you can avoid it. It’s rare, but issues come up that delay closings. That’s a big headache if you’ve moved out of your rental and have a U-haul full of your belongings that can’t be moved into your new house. Try to overlap ownership of your new place by about a week with your old place if you can manage and afford it.
Avoid closing on the Fridays and the first and last days of the month. These are when lawyers are the most busy with closings. If your closing is delayed on a Friday, you might not be able to complete the closing until Monday, which is a big delay. Tuesdays, Wednesdays and Thursdays are the least busy days to close.
Walk through your new place ASAP once you get the keys. In case there is anything amiss from what was agreed upon between buyer and seller, it is easier to solve it swiftly on closing day than to wait. Call your realtor first if you have any issues.