This is the day on which all of the legal and financial promises in the offer are met. It’s the day when you get the keys and begin a new phase in your life. This is also the day when the Barclay Team and your lawyer will give you all of the details on steps and timings.
In brief, here’s what takes place before the actual closing day:
- A copy of the offer will have been forwarded to the office of your lawyer. Your lawyer will have reviewed the conditions of the sale and will register the title of the property.
- All of the conditions in the offer to purchase must be satisfied by the closing date. Otherwise, closing may not occur.
- All of your financing details will have been finalized and ready to fall into place.
If the seller did not have an up-to-date land survey, you’ll have had one done. Your lender will insist on it.Home Inspection Fee Generally Required with Resale Homes
- Your lawyer will search the title of the property to ensure that you can purchase the home without any legal problems. Your lawyer will also make sure that tax payments have all been made and there are no liens on the home or the personal property the seller has agreed to sell you as part of the deal.
- You’ll want to make sure that you’ve contacted all of the utility, cable, and phone companies to ensure an easy transition of service and billing.
- Your lawyer will prepare a statement of adjustment. This confirms the selling price, adjustments, and the balance (less the deposit you provided with the offer). Your lending institution will draw up a certified cheque for your lawyer to hold in trust.
- Additional settlement charges will have to be paid, such as lawyer’s fee and disbursements, condo fees, tax and utility adjustments as well as the land transfer tax.
- A new homeowner’s insurance policy must be in place to cover your new home and property once the deal is closed.
Contact Gemma or Gary Barclay
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