Purchasing a home may be an exhilarating experience. Even so, it's a time-consuming process that might be stressful if you don't know what to expect.
Closing is the final step in a real estate transaction, during which the seller transfers ownership of the property to the buyer. Closing day is undoubtedly something you're looking forward to as a buyer or a seller. While every real estate transaction is different, the following are general stages that show what to expect on Closing Day.
Are you thinking about buying your first house in the Greater Toronto Area? What you should
know and what to do next
When Does Closing Day Occur?
The closing date is set when the final purchase offer on the house is approved. It's up to the buyer to decide when the sale will be finalized.
Agreement Between the Buyer and the Seller
Before accepting an offer, the seller could change the closing date if they aren’t happy with it. After that, it would be sent back to the buyer for final approval before moving forward. The closing date will be set once both parties have agreed on it.
The Legal Process
When both the seller's and the buyer's legal teams have received all of the closing documents, the legal process can begin. They individually figure out what needs to be done in their individual capacities. There is no set time frame for this, as it will depend on the lawyer's availability.
By the time the closing date approaches, the lawyers will have completed all of their work. In order to sign all the papers, each lawyer will have their clients appear in person at their office location to sign them. These are the documents required for the transaction to be completed. While this is true, a buyer does not own a house until the closing has taken place.
How Soon After Closing Day Can I Expect to Receive My Keys?
The buyer's attorney should have the keys to the house by the closing date, assuming everything goes smoothly.
In the lawyer's office, you will be listed as the new owner of the property. Before the sale is registered, the lawyer is not allowed to give the keys to the new buyer legally.
The Big Day is Here - Move-in Day!
Most people arrange their move-in day around the closing date. This is frequently due to the fact that the residence they are leaving necessitates their departure on the same day and that here's a chance that the house will have new occupants. As a result, meticulous preparation for hiring a moving company is required.
The majority of professionals advise reserving a moving company for the late afternoon. This provides the lawyers adequate time to finish their work before handing over the keys. It is illegal for a buyer to move into a residence until they have the keys in their hands.
Managing Closing Day Issues That Could Arise
There may be unforeseen circumstances that delay the move-in date.
If the keys don’t work - The keys that were supplied to the new owner are not working. When the moving van is idling, waiting for the contents to be unloaded, this can be frustrating. The best course of action is to call a locksmith and leave the reimbursement to the lawyers.
If the seller leaves trash around - Most home sellers comply with the expectation that they will vacate the property in a neat and orderly fashion. However, there's a lot of rubbish left behind on occasion. The buyer of the house should consult with their attorney about their options in this case.
Closing day normally goes smoothly as long as both the buyer and the seller have given their respective attorneys all of the essential documentation well in advance.
Closing a real estate deal necessitates a lengthy process, as demonstrated above. The good news is that if you are prepared and know exactly what to expect at each stage, you will feel completely at ease.
Get in touch with Jay Paramanathan today for additional information for both buyers and sellers, or for any other real estate questions.