Closing Day: What to Expect
The term ‘Closing’ refers to the preparation for the transfer of ownership of your new property from the seller to you. Around here we prefer to call it ‘Celebration Day’! This is a day you probably won’t forget, especially if it’s your first home. Closing day, which is the day you and the Seller agreed on in the Agreement of Purchase and Sale, is the day you become the official owner of your home. Once the mortgage and the deed for the property are officially recorded, you become the legal owner.
Though you’ve probably been in contact with your lawyer throughout the closing period, I still recommend you call him or her 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. At this meeting, you’ll want to make a plan to get the keys to your new home. Sometimes the lawyer’s office will courier the keys to you, or you can set up a location where you can pick them up. Typically you get the basic entry key(s). A second set of keys as well as any other small keys (for a shed, locker, mailbox etc.) will be left at the house for you by the Seller.
On the actual day of closing your lawyer’s office will notify you that the transaction has officially closed and that you are now registered on the title of the property. There’s no set time as to when you will receive the keys, but lawyers’ offices close early so you should definitely 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. It’s best to move in at least one day after closing if you can, or if not, arrange a moving truck for the early afternoon at your old place. The timing should work if it takes a couple of hours to load the truck and drive to your new home. Then you celebrate at your new house. It’s all yours!