Closing the Deal
Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days.
Typically, you visit your lawyer's office, a week or two prior to closing, to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call Leslie K. to pick up the keys to your new home. The contract states that your possession is Noon on the day agreed upon but keys are not releaseable until the outstanding funds (both your mortgage money and any additional money that you were to pay for your down payment) are delivered to the seller's lawyer. Occassionally this may mean a few hours delay. Once keys are releaseable, you will meet with Leslie K. at your new home and do a walk through. The Walk Through is just a check to make sure that the appliances that your purchased have been left behind and that no huge issue arises once the furniture and belongings of the seller have been removed. Congratulations! You've just bought a home!