What Happens on Closing Day

 

Closing day is the moment you've been waiting for when buying a home in Canada, but it can also be a stressful time with many important details to take care of. In this blog post, we'll guide you through what to expect on closing day and share tips for ensuring a smooth and successful home buying experience. Here are 5 Things That Must Happen on Closing Day.

 

 

Closing Documents

First, you will need to meet with your lawyer. All closing documents should be reviewed and signed by the lawyer in order for the transaction to be complete. This may happen a few days before the actual closing date. This ensures that everything goes smoothly and that there are no delays in closing.

 

Funds to Close

After signing all paperwork, you as the buyer will need to provide any funds that are required to close on the property. This could be remaining down payment costs or simply lawyer fees. After making these necessary payments, you will receive the keys to your new home. This is an exciting moment – take it all in!

 

Completing the Purchase

Once all the funds have been accounted for and the paperwork has been signed (as well as the mortgage loan has been received, recorded by the lender and is in good standing) your notary/lawyer will register the purchase with the Land Office. The seller will receive payment for their home and you are now officially listed as the owner of the home, congratulations!  

 

Contact Info

Make sure to update your contact information with important institutions such as your bank, credit card companies, and other organizations. This will ensure that all of your mail is sent to the right place and nothing gets lost in transition. It may also be wise to set up mail forwarding for anything that you may have missed or forgotten about!

 

Celebrate

Lastly, remember to take some time to celebrate the closing of your house! Toasting a glass of champagne or having a small get-together with friends and family are great ways to mark this milestone. Enjoy your new home!

 

There's a chance you might want to dismiss this last point, but celebrating the purchase of a new home is important for several reasons:

 

Firstly, it marks a significant milestone in your life and serves as a symbol of your hard work and achievements. Buying a home is often one of the most significant investments a person will make in their lifetime, and celebrating this accomplishment can provide a sense of pride and accomplishment.

 

Secondly, celebrating the purchase of a new home can help to establish a sense of belonging and community. Moving to a new home can be an exciting yet daunting experience, and celebrating this occasion with friends and family can help to create a sense of community and support.

 

Finally, celebrating the purchase of a new home is a way to acknowledge the importance of home and the role it plays in our lives. A home is a place where we create memories, build relationships, and establish a sense of identity. Celebrating the purchase of a new home is a way to recognize the importance of this space in our lives and the value it holds for us.

 

At the end of the day, closing on a house is an exciting milestone in life. Make sure to be prepared and organized so it goes as smoothly as possible!