T
he week before your closing date you will be busy with appointments and last minute tasks, but you will need to attend at your lawyer's office to sign all necessary documentation. All parties on title will need to attend.
This appointment is typically about 45 minutes to an hour long, depending on how many documents you need to sign and how many questions you may have. You will be asked to bring a key for the subject property to the appointment, so that the arrangements can be made to provide it to the buyer’s lawyer for closing.
On a sale, everything is paid from the sale proceeds before money is provided to you, including secured debts, tax arrears, and legal fees, and the numbers will be reviewed at your appointment. You are generally not required to bring in any additional funds, unless there is a shortfall in the sale proceeds and we are unable to pay the required debts.
On the closing day, you will simply be waiting on other people. Once the lawyer for the buyer has the money needed (from the buyers, a mortgage company, or the sale of another house), they will get the money to your lawyer. There are no guarantees as to what time things will get done on the closing day, which is why we do not recommend that clients sell and buy on the same day. Getting bridge financing will avoid any issues of one transaction closing too late in the day to complete the second, leaving you with a truck full of belongings and nowhere to go.
Once your lawyer has the sale proceeds, they will make any necessary payments on your behalf and let you know that they have the remaining money for you. At that time, you will be able to come pick up a certified cheque, or (if available in your circumstances) the money will be deposited into your bank account.
Finally, a reporting package will be provided to you in due course summarizing the entire transaction and providing an accounting of the proceeds of sale.
