| It's a day filled with nervous anticipation. 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 RE/MAX agent 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 it's moving day and they're trying to
gather all of their belongings to leave as the purchaser
is trying to move in.
In brief, here's what takes place before the actual
closing day:
1. A copy of the offer will have been forwarded to the
office of your lawyer. Your lawyer will have reviewed
the conditions of the sale. You will have made your lawyer
aware of how you, and any co-buyers, will be registered
on the title of the property.
2. All of the conditions in the offer to purchase must
be satisfied by the closing date. If one of the conditions
in your offer was a house inspection, it should have
been completed by the closing date, and you should be
satisfied with the report.
3. All of your financing details will have been finalized
and ready to fall into place on the closing date.
4. If the vendor did not have an up-to-date land survey,
you'll have had one done. Your lender will insist on
it.
5. Your lawyer will search the title of the property
to ensure that you can purchase the home without any
legal problems. Your lawyer will also make sure that
tax payments have all been made and there are no liens
on the home or the personal property the vendor has agreed
to sell you as part of the deal.
6. You'll want to make sure that you've contacted all
of the utility, cable, and phone companies to ensure
an easy transition of service and billing.
7. Your lawyer will prepare a statement of adjustment.
This confirms the selling price, adjustments, and the
balance (less the deposit you provided with the offer).
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:
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