Are you eagerly anticipating the closing day of your new home? While it's an exciting time, there are a few steps you need to take before you can finally get the keys and move in. In this post, let's walk you through the process of closing day arrangements and provide some tips to help you plan accordingly.

The Closing Process: Why It Takes Time 

Closing day means you'll likely have to wait to receive the keys to your new home. First, the bank needs to transfer the funds to the lawyer's trust account, which can take longer if there are multiple closings that day or any delays in processing the transaction. Then, once the funds have been transferred, the lawyer's office must go to the bank to obtain the funds needed to pay the seller. The lawyer also needs to register your name on the title, which involves coordinating with the registry office and ensuring that the title is clear and your name is added to the appropriate mortgage amount, if any. It's a complex process with many moving parts.

Step-by-Step Guide to Closing Day Arrangements

1. The Bank Transfer: The first step in closing day arrangements is the transfer of funds from the bank to the lawyer's trust account. This process can take several hours, depending on how many transactions the bank has that day and how quickly they can be processed.
2. Lawyer Obtains Funds: Once the bank transfers the funds, the lawyer's office must go to the bank to obtain the funds needed to pay the seller. This process usually involves getting a certified cheque in the amount owing for your down payment, along with any leftover monies to be given back to you.
3. Registration of Title: After exchanging the funds, the lawyer must register your name on the title. This process involves coordinating with the registry office and ensuring that the title is clear and your name is added to the appropriate mortgage amount, if any.
4. Key Release: Once the above steps are completed, the lawyer will release the keys to your new home. This step usually happens in the late afternoon or by the close of business, but it can vary depending on how smoothly the process goes.

Tips for Planning Your Move on Closing Day

To avoid unnecessary stress and costs on closing day, here are a few tips to keep in mind:

• Book your movers for later in the day so they aren't left standing around while you wait for the keys.
• Make sure to communicate with your movers about the potential delay so that they can adjust their schedule accordingly.
• Have a backup plan in case of any unforeseen circumstances, such as a hotel reservation or a storage unit rental.

Closing day arrangements can be complex and time-consuming, but proper planning can make the process as smooth as possible. Talk to your lawyer or realtor if you have questions or concerns about the closing day. 

Your Mississauga Realtor

If you're looking to buy or sell a home in Mississauga or the Greater Toronto Area, I'm here to help. As a Real Estate Sales Representative at Keller Williams Real Estate Associates, Brokerage, I can guide you through the process and make it as smooth as possible. Contact me, Deborah Clerk, today to schedule a free home evaluation or to discuss your real estate needs. Let's work together to find – and move into – your dream home!