Thank you for visiting www.GreatMortgageAdvice.com By Cecilia Ramos
Closing a Real Estate Transaction
- The closing date , the date when the buyer becomes the owner of the home, is typically 30 to 60 days from when the Seller and Buyer agreed to terms and signed a final Purchase Agreement.
Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
On closing day, the closing lawyer will:
- Collect all moneys paid by or on behalf of the Buyer of the new home.
- Pay off any balance on the Seller's mortgage loan
- Pay outstanding taxes on the home plus all utility bills
- Pay himself or herself and all other closing fees
- Give all remaining moneys to the Seller
- Transfer the deed to the home to the Buyer
- Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.
Congratulations! You've just bought a home!
For all of your Real Estate and Mortgage Needs please feel free to contact me anytime. As always the referral of your family and friends is always appreciated.