Closing day can feel overwhelming, but with the right preparation and legal support, the process is straightforward. Here's what to expect when you close on a property in Ontario.
Closing day is the culmination of your real estate transaction — the day you officially take ownership of your new home or transfer ownership of your property.
In Ontario, closing day typically involves several key steps: your lawyer receives mortgage funds from the lender, pays the purchase price to the seller's lawyer, and registers the transfer of title in your name.
As a buyer, you'll need to bring your down payment funds and closing costs to your lawyer before closing day. These include land transfer tax, title insurance, legal fees, and any adjustments for property taxes or utility bills.
Your lawyer will ensure that the title is clear of any encumbrances, all conditions of the Agreement of Purchase and Sale have been met, and all documents are properly executed.
Once everything is in order, your lawyer will register the transfer of title and mortgage, and you'll receive the keys to your new home.
Having an experienced real estate lawyer on your side ensures that closing day proceeds smoothly and your interests are fully protected throughout the transaction.
Aura LLP
This article is for informational purposes only and does not constitute legal advice. Please consult a qualified lawyer for advice specific to your situation.
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