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What Is Closing Day?
Closing day is the final step in your real estate transaction, where ownership of the property officially transfers from the seller to the buyer. It’s an exciting milestone, but it can also be overwhelming if you’re not fully prepared. At NLCI Your Real Estate Lawyer Professional Corporation, we guide Scarborough buyers and sellers through the closing process, ensuring everything goes smoothly.
Key Steps to Prepare for Closing Day
Review Your Closing DocumentsBefore closing day, your lawyer will review critical documents, including:
The purchase agreement to ensure all terms are met.
Title search results to confirm there are no liens or disputes on the property.
Mortgage documents for accuracy.
At NLCI, we handle this process for you, explaining each step so you feel confident.
Understand Closing CostsClosing costs can include:
Land Transfer Tax: Calculated based on your property’s purchase price.
Legal Fees: Your lawyer’s fees for managing the transaction.
Title Insurance: Protects against title-related issues.
Adjustments: Payments for prepaid property taxes or utilities.
Use our Land Transfer Tax Calculator to estimate your costs in Scarborough and the GTA.
Secure Your Down Payment and Closing FundsEnsure your funds are ready and accessible. Your lawyer will provide instructions for transferring the funds securely.
Schedule a Final WalkthroughA final walkthrough allows you to inspect the property and ensure it meets the agreed-upon conditions. Check for:
Repairs or maintenance completed as promised.
No new damage since the purchase agreement was signed.
Common Closing Day Challenges (and How We Solve Them)
Last-Minute Delays: We coordinate with all parties to avoid unexpected hold-ups.
Errors in Documents: Our team meticulously reviews every document to catch and resolve issues early.
Unforeseen Costs: We ensure all fees and costs are communicated clearly, so you’re never caught off guard.
Real-Life Example: Helping a Buyer Avoid Closing Day Delays
A Scarborough client faced a potential delay due to missing paperwork from the seller. Our team worked quickly to resolve the issue, ensuring the transaction closed on time. With our proactive approach, the buyer moved into their new home without stress or additional costs.
Frequently Asked Questions
Q: Can I attend the closing in person?A: Most closings in Ontario are handled remotely through lawyers. However, you’ll need to sign documents in advance, which we facilitate.
Q: What happens if the seller doesn’t meet their obligations by closing day?A: If conditions aren’t met, we negotiate on your behalf to resolve issues or adjust the agreement.
Q: When do I get the keys to my new home?A: You’ll receive the keys once the transaction is finalized, and your lawyer registers the property transfer.
How We Help You Prepare for Closing Day
At NLCI, we guide you through the entire process with services including:
Document Review: Ensuring all paperwork is accurate and complete.
Funds Management: Securing your deposit, closing costs, and mortgage funds.
Title Registration: Completing the legal transfer of property ownership.
Explore our Real Estate Legal Services for more details.
Tips for a Smooth Closing Day
Stay Organized: Keep all closing-related documents and correspondence in one place.
Communicate with Your Lawyer: Keep us updated with any changes or concerns.
Plan for Moving Day: Schedule movers or utility setups for the day after closing to avoid surprises.
Contact An Affordable Scarborough Real Estate Lawyer Today
Preparing for closing day doesn’t have to be stressful. At NLCI Your Real Estate Lawyer Professional Corporation, we ensure your transaction is seamless, so you can focus on enjoying your new home.
📧 Email: YOURLAWYER@BELLNET.CA 📞 Phone: (416) 292-4667
Call us today or Contact Us to schedule your consultation. Let us help you close with confidence!
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