The Typical Closing Date

When you purchase a home, whether it is a newly built property or a resale home, you will agree on a closing date, or a date upon which the property is transferred into your name. This date can range anywhere from a few short weeks to several months or longer. This depends on a number of factors, including the seller’s preference, buyer negotiations, building completion dates, etc.

Buyer: On a typical closing date you will be required to provide the usual costs associated with closing (down payment, legal fees, land transfer tax, etc.), so be prepared to sign a few cheques or make a number of significant cash withdrawals from your account. For more information about closing costs click here.

On the closing date you, as the buyer, officially receive the keys to your new home. On this date you are also required to provide your lawyer (who should be notified in advance of the closing date) with the funds from your lender, as well as your down payment, to pay for your home. This money is then transferred to the seller’s lawyer. During this process the legal documentation will also be transferred and completed, including the deed to the house. This deed is then registered by your lawyer. After the closing date you should expect a summary of the transaction from your lawyer.
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After the keys are firmly in hand you are free to move in and enjoy your new home.

Seller: On the closing date your real estate lawyer will receive the money from the buyer’s lawyer. These funds will then be held in trust, used to pay off any existing mortgages, real estate commissions, tax balances, etc. Whatever money is left over after these costs have been settled will then be paid to you. Your lawyer will also complete the required documentation transferring the property to the buyer’s name.