First of all, congratulations on getting this far.
If you are like me, you are probably reading this the night or so before closing day, and are trying to figure what your upcoming day will be like. Well the good news is that most of the possible issues or problems have most likely already happened, or out of your control. What that means is, you shouldn't find out on closing day, that you didn't get financing (that was the week leading up to closing!). So... GO TO SLEEP. No point in being tired and cranky!
Most likely you have either signed the paperwork already (a day or two earlier) with the lawyer, or will be doing it all on closing day. They would have set up a time for you to come in, and would have told you the amount that you will need in a certified cheque or bank draft. This amount is always more than you think it is going to be (closing costs, lawyer fee's, etc), so do NOT guess it. They will tell you exactly what it will be. If there is a difference in the amount, the lawyer will send you a cheque after closing with all the closing documents. Make sure to bring ID, and anything else that they have requested from you. While going through all the paperwork with the lawyer, don't feel rushed. Make sure to ask for clarification, or to have the lawyer run through it with you. Everyone makes mistakes and better to catch them now, then find out later. Also helps you better when you understand what you are signing and why.
Once the paperwork is signed, the lawyers need to send the funds, register the sale, etc. Legally the lawyer is not able to release the keys until everything is completed. Usually this is sometime in the late afternoon, 3pm-5pm. Since the registry office (yes... it is all online now) closes at 5pm, they will rush to do it last minute or have to wait till next day. What this also means, is don't plan on moving in, mid-day. Many people will book the internet to be installed, and then find out they don't have the keys yet. Best to schedule everything the next day, when you are more likely to have the keys.
If you are closing on a work day and won't be able to sign or grab the keys, let everyone know this. Let your agent and your lawyer know, so they can make alternate arrangements. Most law offices close at 5pm, so would suck not to be able to get the keys!
While it can be stressful, try and enjoy the experience. It is all part of the process of home ownership!
Questions about what to expect? Click on the button below to contact me, I would love to help!
Written by Matt Richling
Matt is a licensed salesperson at RE/MAX Metro City Realty in Ottawa, Canada. Matt loves helping sellers and buyers find the perfect home that fits their lifestyle.