What happens on the day of your real estate closing
THE DAY OF YOUR REAL ESTATE CLOSING
On the day of closing, a purchaser is usually waiting for their real estate lawyer to call and say, “your keys are ready to be picked up”. This means that, the property is finally yours. The process for clients is seamless.
That’s because behind the scenes at the real estate law firm there is a flurry of activity to ensure all goes well.
Generally, on the day of closing the real estate lawyer for the purchaser will be waiting for funds that are supposed to come from your lender. Also, your real estate lawyer will be sending over documentation to let the sellers lawyer know how you want your name to be registered on title.
Generally, depending on the financial institution your funds will be arriving by wire transfer or the lawyer will have to physically pick up the funds. From there, the real estate lawyer will travel to the sellers lawyers bank branch and deposit the funds and fax confirmation.
Once, the sellers lawyer has verified that funds have been delivered into their account they will, “release the deed”. That means, your house deed since it has been electronically locked by the sellers lawyer.
Once the purchasers lawyer receives notification the deed has been unlocked, its time to officially register. That means the purchasers lawyer will electronically sign the deed and register your names….and presto you now own the property.
While the above series of events, are simple enough there is frequently issues that arise. The most common is with financial institutions failing to deliver the funds within an adequate time period. Another issue may stem, from parties still quarreling about certain conditions. The most common is the lender at the last minute refusing to forward funds due to a condition not being met. For this reason, many agreement of purchase and sale(s) will often stipulate that the transaction is conditional upon financing.
It is common for the purchasers lawyer to be waiting around until even 4:00PM! Thus, causing a mad dash within the last hour to ensure the matter can be closed.
If you recently bought a home, and are looking for a real estate lawyer in Burlington please call my office.
IS THERE A REAL ESTATE LAWYER NEAR ME?
If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
anytime for a free consultation