It's a day filled with nervous anticipation. This is the day on which
all of the legal and financial promises in the offer are met. It's the
day when you get the keys and begin a new phase in your life. Your RE/MAX
agent and lawyer will give you all of the details on steps and timing. All
of the little details will be taken care of ahead of time, so in most cases
it will be just a day of waiting by the phone.
Remember that this is a hectic day for the seller, too! Very often it's moving
day and they're trying to gather all of their belongings to leave as you're
getting ready to move in.
In brief, here's what takes place before the actual closing day:
1. A copy of the offer will have been forwarded to the office of your lawyer.
Your lawyer will have reviewed the conditions of the sale. You will have made
your lawyer aware of how you, and any co-buyers, will be registered on the
title of the property.
2. All of the conditions in the offer to purchase must be satisfied by the
closing date. If one of the conditions in your offer was a house inspection,
it should have been completed by the closing date, and you should be satisfied
with the report.
3. All of your financing details will have been finalized and ready to fall
into place on the closing date.
4. If the vendor did not have an up-to-date land survey, you'll have had one
done. Your lender will insist on it.
5. Your lawyer will search the title of the property to ensure that you can
purchase the home without any legal problems. Your lawyer will also make sure
that tax payments have all been made and there are no liens on the home or the
personal property the seller agreed to sell you as part of the deal.
6. You'll want to make sure that you've contacted all of the utility, cable, and
phone companies to ensure an easy transition of service and billing.
7. Your lawyer will prepare a statement of adjustment. This confirms the selling
price, adjustments, and the balance (less the deposit you provided with the offer).
Your lending institution will draw up a certified check for your lawyer to hold
in trust.
8. Additional settlement charges will have to be paid.
9. You'll want to make sure your homeowner's insurance policy will be in place to
cover your new home and property once the deal is closed. Your lawyer will need a
copy of the policy before closing.
