|Finalizing the Sale on Closing
What does the term Closing mean?
Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.
There is no standard method for closing. In some places, "round table" closings bring all parties together at the closing table. In other areas, buyers and sellers complete the process through separate, individual appointments with their lawyer or notary.
Pearl will tell you what is customary in your area and help lead you through the process.
What happens on Closing day?
Closing day is the day you become the official owner of your home.
Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. The Notary will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and the Notary will call you to pick up the keys to your new home.
Congratulations! You've just bought a home!