The closing or completion day is the day the buyer takes legal possession of the property.
Your lawyer will have received a copy of your Agreement of Purchase and Sale and accompanying documents either during negotiations or shortly thereafter once the deposit cheque is received. If required, Lisa Marie or Linda can provide a list of lawyers for you to review should you need a recommendation. They will also assure that all documents are properly signed and dated before forwarding complete copies to the lawyer of your choice.
As closing day nears you will need to arrange to meet with your legal counsel before the completion date to review and sign documents. Remember to bring photo identification and a personal cheque to this meeting to pay for legal costs.
Completion (Closing) Day
On completion day, legal ownership of your property will be transferred to the buyer. Your lawyer or notary will receive funds for the sale from the buyer’s lawyer or notary, and your lawyer or notary will provide you with a statement of adjustments. This list itemizes all costs payable at completion, including legal fees, taxes and other completion costs. Finally, funds will be used to discharge your mortgage, if applicable, with any remaining proceeds transferred to you in the form of a bank draft.
Closing costs associated with selling a home include adjustments, real estate commission, mortgage discharge fee,capital gains tax (if applicable) and legal fees.
|Mortgage Application and Appraisal Fee||At time of application|
|Appraisal Fee||At inspection|
|Property Inspection (optional)||At inspection|
|Deed and/or Mortgage Registration||Closing|
|Property Survey(sometimes provided by seller)||When completed|
|Land Transfer, Deed Tax or PropertyPurchase Tax (in Quebec within 3 months following signing)||Closing|
|Mortgage Interest Adjustment andTake Over Fee (if applicable)||Closing|
|Adjustments for Fuel, Taxes, etc.||Closing|
|Mortgage Insurance(and application fee if applicable)||Closing|
|Home and Property Insurance||Closing and on-going|
|Connection Charges for Utilitiessuch as Gas, Water and Electricity||Date of move|
|Moving Expenses||Date of move|
On possession day, Lisa Marie or Linda will help you coordinate the handing over of keys to the buyer. Often one set of keys is given to the lawyer and a second set can be left on securely on site once you lock up and officially lock the door for the last time and start life in a new chapter.