What does the term closing mean?
Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.
There is no standard method for closing. In some places, "round table" closings bring all parties together at the closing table. In other areas, buyers and sellers complete the process through separate, individual appointments with their lawyer.
Your Realtor will tell you what is customary in your area and help lead you through the process.
What happens on closing day?
Closing day is the day you become the official owner of your home.
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.
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!
What costs are associated with purchasing a home?
When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.
Some of the most common expenses are listed below. These expenses may vary, depending on your area:
|Expense||To be paid at|
|Mortgage application and appraisal fee||Time of application|
|House inspection (optional)||Time of application|
|Deed and/or mortgage registration||Closing|
|Property survey (sometimes provided by the seller)||Closing|
|Land Transfer Taxes by province||Closing|
|Property tax adjustments||Closing|
See our Closing Cost Estimator to discover the full cost of your home.