Closing day is the day you get the keys and take legal possession of your new house or condominium.
On the day of closing:
- the lender provide the mortgage funds to your lawyer,
- the lawyers for the Buyer and Seller exchange legal documents, funds and keys,
- your lawyer registers the transfer, confirming the ownership change and that the property is now in your name,
- your lawyer will also register the Charge or Mortgage securing the Lender’s interest on the property,
- you will receive the keys from your lawyer’s office or if the property is newly constructed from builder’s representative located at the construction site trailer, or condominium management office.
On the closing day our office will make every effort to close your transaction as soon as possible. However, there are many factors beyond our control, that effect the closing time your transaction closes, such as how early in the day we receive the funds from the lender.