Residential Real Estate Closing Steps
Navigating the closing process of a real estate transaction can be complex, but with Weclose, you can feel confident that every step is handled with expertise and care. Here’s a detailed guide on what to expect and how you can prepare as we work together to finalize your Ontario real estate transaction.
Client Responsibilities: Your Role in the Closing Process
- Submit Agreement of Purchase and Sale: Once your Agreement of Purchase and Sale is signed, ensure it’s promptly sent to our office. This is the first critical step in moving the process forward.
- Provide Necessary Information: Make sure you’ve submitted all required documents and information to our office. This includes personal identification, financial details, and any other requested documentation.
- Arrange Mortgage and Bridge Loan Documents: If applicable, ensure your mortgage and/or bridge loan documents are forwarded to us. This is essential for us to prepare your file and secure the necessary funds.
- Schedule Your Signing Appointment: Once we have prepared your documents, we’ll schedule a signing appointment. This is where you’ll sign the necessary paperwork to proceed with your transaction.
- Contact Utility Companies: Notify the utility companies of both your current and new homes. Inform them of your move-out and move-in dates, and provide a forwarding address for final bills.
- Prepare for Moving Day: While not mandatory, we recommend you start packing as your closing date approaches. This ensures a smooth transition and helps avoid any last-minute stress.
- Collect Your Keys: On the closing day of your purchase, we’ll inform you as soon as the transaction is complete. You can then visit our office to collect your keys and officially move into your new home.
- Receive Your Sale Proceeds: For sellers, once your sale is finalized, we’ll notify you to pick up your cheque. We advise being out of the property early on closing day to avoid any overlap with the buyer’s move-in.
Solicitor Responsibilities: How Weclose Manages the Legalities
- Title Search: We conduct a thorough title search to ensure there are no legal issues with the property. This step is crucial and is completed well before the closing date.
- Receive Mortgage Instructions: Once your mortgage or bridge loan documents are in, we review them to ensure everything is in order for a smooth closing.
- Statement of Adjustments: We work closely with the seller’s lawyer to finalize the Statement of Adjustments, which accounts for property tax adjustments and determines the final balance due on closing.
- Prepare for Signing: We prepare all necessary documents for your signing appointment, ensuring that everything is accurate and ready for your review.
- Request Funds: We coordinate with your lender to advance the necessary funds directly to our office. This includes both mortgage and bridge loan amounts.
- Determine Final Numbers: We calculate the total due on closing, including purchase price, legal fees, land transfer tax, and any adjustments. We ensure that all funds are in place before proceeding with the final steps.
- Closing Day Procedures: On the day of closing, we receive your mortgage funds and, if applicable, bridge loan funds. We coordinate with the seller’s lawyer to deposit funds, exchange keys, and register the title transfer in Teraview, Ontario’s electronic registration system.
- Finalizing the Sale: If you are also selling a property, we handle the payout of any existing mortgages, bridge loans, commissions, and property taxes. The remaining balance is then provided to you.
- Post-Closing Documentation: After the transaction is complete, you’ll receive a final report from us, including copies of all signed documents for your records.
Handling Bridge Loans: A Note on Funds Transfer
Bridge loans may be transferred to our office in various ways. We will work directly with your bank contact or assist you in coordinating the transfer, whether via direct deposit or bank draft, to ensure timely receipt of the funds.
At Weclose, our goal is to make your real estate transaction as seamless as possible. If you have any questions or need further assistance, our team is here to guide you through each step, ensuring a smooth and successful closing.
