Your Closing Day has Arrived!
This is the day on which all of the legal and financial promises in the offer are met. It's the day when you get the keys and begin a new phase in your life. Your Prior Team Sales Representative and your lawyer will give you all of the details on steps and timings. All of the small details will be taken care of ahead of time, so in most cases it will be just a day of waiting by the phone. Also, remember that this is a hectic day for the Seller, too! Very often its moving day and they're trying to gather all of their belongings to leave as the Buyer is trying to move in.
Here's brief summary of the tasks that must have been completed prior to, or on Closing day:
(1) A copy of the offer will have been forwarded to your lawyer.
(2) All conditions in the offer to purchase must be satisfied by the closing date.
(3) All financing details will have been finalized.
(4) A survey must be provided as required.
(5) Your lawyer will search the title of the property to ensure that you can purchase the home without any legal problems.
(6) You should have contacted all of the utility, cable/satellite, and phone companies to transfer service and billing to your name.
(7) Your lawyer will have prepared a statement of adjustments and reviewed with you. Your lending institution will draw up a certified cheque for your lawyer to hold in trust.
(8) Additional settlement charges will have to be paid: (Legal fees & disbursements, condo/coop fees, tax & utility adjustments, land transfer tax)
(9) Your homeowner's insurance policy must be in place and a copy of which must be provided to your lawyer prior to closing.
- You will likely receive the keys to your new home late in the day of closing, so plan accordingly!
Now it's time for you to settle in and enjoy your new home! You can have peace of mind knowing that Scott Prior and his Team of professionals will continue to be available for you, well after you have moved into your new home!