Real Estate Closing - FAQs
Navigating the real estate closing process in Ontario can be overwhelming. Our frequently asked questions page provides valuable insights and guidance to make the process smoother for you.
With our having received your purchase and sale agreement, once we have all your information gathered and we have prepared all of your documents, we will arrange an appointment for you to sign documents. This typically occurs within the one week prior to your closing date, depending on when we receive Mortgage Instructions and Payout Statements.
Please let us know immediately if you are planning to be out of town for an extended period of time prior to the closing date.
We are required to verify your photo ID. Please make sure it is not expired.
You will need to bring at least 1, and sometimes 2 pieces (depending on your lender) of identification with you to your appointment- one of which must be government-issued photo identification such as a driver's license or passport. Please note,we cannot accept health cards.
If purchasing, and the information is available, you will need to bring a bank draft or certified cheque for your closing funds to your signing appointment. You will be notified of the total amount required in advance of your appointment.
We also often require you to provide a VOIDcheque prior to closing for preauthorized mortgage payments and deposit of any surplus monies.
The law requires us to make sure that any person with a legal right to a property is aware that the property is being purchased, sold, or re-financed. This includes your married spouse.
Marital status can also impact your potential entitlement to the first-time homebuyers’ rebate of the Ontario Land Transfer Tax.
Although you can let your insurance company know about the sale of your home, please do not cancel your home insurance until we advise you that the sale is complete.
We do not anticipate any delays normally, however, unexpected delays can happen and you will want to keep your property fully insured until the sale is complete.
Yes, it is your responsibility to call your utilities providers to let them know that you have sold your property. They will then come out to read your utilities as close as possible to the date of possession.
The same is true in the case of you purchasing as you will also need to set up accounts for the utilities.
Remember if you are buying or selling a property with a rental item (I.e. a rented hot water tank, furnace, air conditioner, etc.) you will be required to notify the company holding the rental that you are buying or selling the property. If buying, you will need to set up an account with the rental provider. If selling, you will need to cancel the account and provide a forwarding address so that the rental provider can forward you a final bill.
Most Agreements in Ontario provide that the transaction becomes official by no later than 6pm on the Closing Day.
However, the transfer of ownership can occur at any point during the day. It is at this point that keys and funds are released. This is based on a number of factors in including receipt of funds, signed documents, and vacant possession.
Surplus funds are typically ready for cheque pickup on the day of closing, or otherwise wired to your account within the next business day.