What to expect on closing day
- Jessica Josenhans
- Feb 1, 2021
- 2 min read
Updated: Apr 18, 2024
If you're reading this, you're either a go-getter who just loves information, or you've just gotten to a point in the process of buying a home and you aren't quite sure what happens next. That's what I'm here for!
As a buyer, the typical closing day starts with a closing day walkthrough. I like to do this early, around 8:30-9:30am to try to ensure everything can happen on the same day.
Once you walk through and make sure everything is in good working order, and the exclusions and inclusions are the same as what was signed on the agreement, you will hopefully deem the property to be satisfactory, and you call your lawyer and inform them that the pre-closing walk through is complete and you are ready for them to transfer the funds and do the final paperwork.
Your lawyer will be in contact with the mortgage company who will then send the funds to the seller's lawyer. Transferring the funds typically takes 3-4 hours, sometimes more, sometimes less.
You may be wondering what happens if conditions, such as the home inspection aren't deemed satisfactory - Your agent and your lawyer will be able to give you advice specific to the issue.
You will only be given the keys to the property once the money has officially changed hands. Meaning, until the seller's lawyer has received the money in their trust account it is not official, and your agent will wait for the receipt from the seller's agent or lawyer before they hand over the keys.
It's important to prepare for closing day as well. Once all of the conditions are met, the buyer's of the property need to inform NS Power and any other utility/internet companies that they want to be hooked up and the account to be in their name for the closing date. Fair warning, NS Power may not be able to get it for the exact date, but they will inform you of the closest available time for them to do so.
Thanks for reading,
Jess
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