What to expect on closing day.

What to Expect on the Day of Closing: A Greater Toronto Area Guide

01.16.2024 | Articles For Homebuyers

Welcome, valued residents of Brampton, Caledon, Mississauga, and the Greater Toronto Area (GTA)! It’s the Keith and Françoise Real Estate Team here, bringing you another insightful article, this time on what to expect on the big day – your real estate closing. We understand it can be a mix of excitement and nerves, but hey, that’s why we’re here to guide you through!

Preparation is Key – Laying the Groundwork

Mastering the Paperwork; You’ve heard us say it a million times: being prepared is crucial. So, when you get that email from the law clerk listing all the documents you need, pay attention. Get those papers in order before meeting with your Real Estate Lawyer. In a process as intricate as this, leaving things to chance? Not on our watch!

Meeting with Your Real Estate Lawyer: The Pivotal Step

Understanding Your Legal Appointment: This typically happens 2 to 3 days before your purchase closing date. It’s a crucial meeting where you’ll go through and sign all legal documents related to your purchase and mortgage. And don’t forget – this is also when you bring the funds needed to seal the deal.

The Final Stretch: Inspections and Precautions

Making Every Visit Count: We always advise our clients to have two buyer visits, with the final one a day or two before closing. This is your chance to spot any issues, like leftover garbage or property damage. If there’s a hiccup, your lawyer can hold back funds as a safety net until everything is sorted. And of course, don’t skip the final walkthrough to check the property’s condition.

Adapting to Change: The New Normal for Key Handover

Post-COVID Key Collection: Ah, closing day! Normally, you’d pick up your keys from the lawyer’s office post-noon. But, thanks to COVID-19, there’s a slight change. Your keys will now be in a lockbox at your new place. Don’t worry about the lockbox; we’ve got it covered. Just make sure to locate your mailbox and check for a garage door opener, if applicable.

Navigating the Legal Maze: Insights into Closing Procedures

Closing on a property is like running a marathon – the last leg is crucial. Here’s a sneak peek into what this journey involves:

1. Document Roundup: Gather all necessary documents as per your law clerk’s email.
2. Financial Readiness: Ensure you have the required funds for transaction completion.
3. Legal Meetings: Attend the meeting with your lawyer to review and sign all legal paperwork.

Post-Meeting Checklist: Dotting the I’s and Crossing the T’s

Ensuring a Smooth Transition; After your legal meeting, it’s all about double-checking and confirming:

Buyer Visits: Conduct your two visits to catch any last-minute issues.
Safety Nets: Discuss with your lawyer about holding back funds if needed.
Final Walk Through: Make a thorough final inspection of the property.

The FAQs: Your Burning Questions Answered

To make things easier, we’ve compiled a list of frequently asked questions and their answers. This should clear up any confusion and help you feel more at ease:

1. What documents do I need for the closing day?
– Expect an email from your law clerk with a detailed list. Common documents include ID proofs, insurance papers, and bank statements.

2. How do I prepare for the meeting with my lawyer?
– Review all documents beforehand, understand the financials involved, and jot down any questions you might have.

3. What should I look for during the final walkthrough?
– Check the property’s overall condition, ensure all agreed-upon repairs are done, and verify that no new issues have arisen.

4. How has key handover changed due to COVID-19?
– Keys will now be in a lockbox at the property instead of being handed over in person. We’ll take care of retrieving the lockbox later.

5. What if I find problems during my final visits?
– Communicate these issues to your lawyer immediately. They can arrange to hold back funds or address the problems before closing.

Conclusion: The Journey to Your Dream Home

Wrapping It Up: So, there you have it, folks – a comprehensive overview of what to expect on closing day, specifically tailored for our communities in Brampton, Caledon, Mississauga, and the GTA. It’s a journey, and like any journey, it’s always smoother when you know the route. Remember, the Keith and Françoise Real Estate Team is always here to guide you through each step, ensuring your dream of homeownership becomes a reality with as little stress as possible. Ready to embark on this exciting path? Contact us to get started!

And remember, in the world of real estate, surprises are the last thing you want. So, let’s keep ’em at bay with good preparation and a solid team by your side. Here’s to making your home ownership dreams come true – smoothly, efficiently, and with a bit of fun along the way!

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