Welcome, valued residents of Brampton, Caledon, Mississauga, and the Greater Toronto Area (GTA). We are delighted to offer another comprehensive blog post from the Keith and Françoise Real Estate Team. Should you be inquiring about what to expect on the day of real estate closing, rest assured you are in the right place for authoritative guidance.
Preparation is Key
You know we always say it: Being prepared is key. So, expect an email from the law clerk with a list of all the documents you’ll need. Make sure to have those ready before you meet with your Real Estate Lawyer. Trust us, in a process as detailed as this one, you don’t want to leave anything to chance.
Meeting with Your Lawyer
Meeting with your Real Estate Lawyer usually happens 2 to 3 days before the purchase closing date. During this crucial gathering, all the legal papers related to your purchase and mortgage will be reviewed and signed. It’s also the time when you should bring any monies required for the transaction’s completion.
Final Steps: Visits, Safety Nets, and Walkthroughs
Normally, we advise our clients to have two buyer visits, with the final one occurring one to two days before closing. This allows you to check for any lingering issues, such as garbage or property damage. If any problems arise, your lawyer can sometimes hold back funds as a safety net until issues are resolved. Also, don’t overlook the final walkthrough to confirm the property’s condition.
Changes in Key Handover
Closing Day is finally here! Normally, you’d go to the lawyer’s office to get your keys, usually after noon. But thanks to COVID-19, things are a bit different. Now your keys will be in a lockbox at your new place. We’ll handle picking up the lockbox later, so don’t sweat it. Just make sure you know where the mailbox is and check that a garage door opener, if there is one, is left for you.
So there you have it, an overview of what to expect on closing day, tailored for our communities in Brampton, Caledon, Mississauga, and the GTA. Ready to make your dream of homeownership a reality? Contact us to get started!