{"id":22733,"date":"2023-10-03T15:15:00","date_gmt":"2023-10-03T22:15:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22733"},"modified":"2023-10-02T10:00:26","modified_gmt":"2023-10-02T17:00:26","slug":"what-to-expect-on-closing-day","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/10\/what-to-expect-on-closing-day\/","title":{"rendered":"What to Expect on Closing Day?"},"content":{"rendered":"<p style=\"text-align: justify;\">Closing day for a new home is an exciting and important step in the homebuying process. Closing day is when you legally take possession of the house and can officially call it your home! In this article, we have outlined the proper action to take on closing day so that everything is transferred smoothly over to your possession. The closing day process entails taking a final walkthrough of the property, bringing the documents needed to close the property, reviewing the documents and clarifying any concerns, and finally, paying the down payment and closing costs.<\/p>\n<p style=\"text-align: justify;\">Here\u2019s an overview of what you can expect on closing day so that you don\u2019t miss anything :<\/p>\n<p style=\"text-align: justify;\"><strong>Final Walk-Through :<\/strong><\/p>\n<p style=\"text-align: justify;\">Before the actual closing, you\u2019ll typically have a final walk-through of the property. This is your last chance to ensure that the home is in the condition agreed upon in the contract and that any requested repairs have been completed. Some things you should look for during this walkthrough are :<\/p>\n<p style=\"text-align: justify;\">\u2022 Agreed-upon concerns are fixed (appliances, light fixtures etc.)<br \/>\n\u2022 Ensure utilities are working and in proper order<br \/>\n\u2022 Appliances are running properly<br \/>\n\u2022 Heating and cooling systems work<br \/>\n\u2022 Structural issues like water damage, mold, holes in the wall etc.<\/p>\n<p style=\"text-align: justify;\"><strong>Bring Required Documents :<\/strong><\/p>\n<p style=\"text-align: justify;\">You\u2019ll need to bring several important documents to the closing, including your identification, proof of homeowner\u2019s insurance, and a cashier\u2019s check or wire transfer for the closing costs and any down payment. Your lender and real estate agent will provide guidance on exactly what you need.<\/p>\n<p style=\"text-align: justify;\"><strong>Reviewing Documents :<\/strong><\/p>\n<p style=\"text-align: justify;\">At the closing, you\u2019ll be presented with a stack of documents to sign. These may include the following :<\/p>\n<p style=\"text-align: justify;\">\u2022 Closing Disclosure : This document outlines the final terms of your loan, including interest rate, monthly payments, and closing costs.<br \/>\n\u2022 Promissory Note : This is a legal document stating your promise to repay the loan, along with all the details of the loan terms.<br \/>\n\u2022 Deed of Trust or Mortgage : This document secures the loan with the property and gives the lender the right to foreclose if you fail to make payments.<br \/>\n\u2022 Title Documents : You\u2019ll receive a copy of the title report and the deed, which transfer ownership of the property to you.<br \/>\n\u2022 Settlement Statement : This provides a detailed breakdown of all the costs associated with the transaction.<\/p>\n<p style=\"text-align: justify;\"><strong>Payment :<\/strong><\/p>\n<p style=\"text-align: justify;\">You\u2019ll need to provide the funds for your down payment and closing costs at this time. This is typically done via a cashier\u2019s check or wire transfer.<\/p>\n<p style=\"text-align: justify;\">Closing costs vary province by province but typically cost anywhere as low as $16,000 to over $500,000.<br \/>\nFor example, if you were to buy a home in Alberta, and let\u2019s say the house sold for $468,519 (the average home price in Alberta in July 2023), then the closing day expenses would be broken down like this :<\/p>\n<p style=\"text-align: justify;\">\u2022 Down payment \u2013 $23,426<br \/>\n\u2022 Land title transfer fee \u2013 $428<br \/>\n\u2022 Legal fees, title insurance and MISC \u2013 $2,000<\/p>\n<p style=\"text-align: justify;\">However, keep in mind these charges depend on the price of the house and the location. In Ontario, for a house that costs $884,000, the minimum down payment would be $63,000, the land title transfer fee would be $10,000, the provincial sales tax would be $2,600 and the legal fees would be roughly $2,000.<\/p>\n<p style=\"text-align: justify;\">Down payments can vary based on the type of loan that you have received, your credit score, and the price of your home. A more expensive property requires a larger down payment. Land transfer fees can range anywhere in Ontario from $0 to $26,000 depending on the market where you are buying the house. Legal fees are generally around $2,000 wherever you go.<\/p>\n<p style=\"text-align: justify;\"><strong>Receive Keys :<\/strong><\/p>\n<p style=\"text-align: justify;\">Once all the paperwork is signed and the funds are transferred, you\u2019ll receive the keys to your new home. Congratulations, you\u2019re now a homeowner!<\/p>\n<p style=\"text-align: justify;\"><strong>Recording The Transaction :<\/strong><\/p>\n<p style=\"text-align: justify;\">After the closing, the transaction is typically recorded with the local government office that handles property records. This officially transfers ownership of the property to you.<\/p>\n<p style=\"text-align: justify;\">Keep in mind that the exact process can vary depending on your location and the specific terms of your real estate transaction. It\u2019s essential to work closely with your real estate agent.<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/expectations-on-closing-day\/\" target=\"_blank\" rel=\"noopener\">Buyer\u2019s Journey : Here\u2019s What to Expect on Closing Day<\/a> by zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Closing day for a new home is an exciting and important step in the homebuying process. Closing day is when you legally take possession of the house and can officially &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/10\/what-to-expect-on-closing-day\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-22733","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect on Closing Day? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/10\/what-to-expect-on-closing-day\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect on Closing Day? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Closing day for a new home is an exciting and important step in the homebuying process. 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