You've spent months looking at or competing against other houses in Toronto for sale. You've staged, toured, inspected, negotiated, and signed contracts. Now the process is almost over. Soon you'll be the proud new owner of either a new house or a nice wad of cash. Closing day is finally here. But do you know what to expect on closing day? If you're not completely sure what's a closing day task and what should be done beforehand, this article should enlighten you.
Closing day is the day that the property officially changes hands, which means the keys and deed to the house are traded for the money. On a perfect closing day, the seller meets up with his agent ad hands over the keys and the deed. At the same time, the buyer visits the bank to pick up a cashier's check for the amount she agreed to pay for the PEI real estate. She then drops off this cheque with her agent and the two agents meet. They may or may not bring along their clients.
At the meeting, which usually takes place at the offices of a real estate lawyer or an escrow company, the two agents confirm the details of the final agreement. The buyer and seller may have to be there to sign the official papers to transfer the Oshawa real estate or they may have done this earlier. Then the agents exchange the keys and money and report back to their respective clients to deliver them. Therefore closing day can be as simple as handing over a cheque and waiting around for your agent to return.
There shouldn't be any surprises on closing day because all of the negotiations and inspections should have been carried out beforehand. The buyer should have her mortgage approved and confirmed. The seller should have his house buttoned up and ready to change hands. Closing day is just a formality, so you shouldn't expect that you'd have to go back to the Bradford real estate listings again. If by a terrible stroke of luck the deal does fall through at the last second, your contract should give you some recompense from the offending party.
Sellers should be packed up and have all of their things out of the Mississauga real estate before closing day, because as soon as the papers change hands they no longer have any right to be there. Before closing day, buyers should confirm their mortgage details with their bank and take a final look around the property to make sure anything they insisted on in their contract was done. Only once all of the details are ironed out should closing day occur. The date of closing day is usually defined in the contract signed by the buyer and seller.
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