For first time home buyers, who had no experience with buying or selling Markham, Ontario real estate before they came to Surrey, it can be difficult to know what to expect on closing day. As the day approaches it may cause you come anxiety if you're not sure what's going to happen. What if you're expected to have something that you didn't know you should have gotten? Let us alleviate your anxiety. We'll lay out what usually happens on a typical closing day so you can walk in looking poised and confident.
Closing day is simply the day upon which the particular piece of Oakville real estate being bought changes hands. For buyers, that means the day when ownership of the property will officially be yours. For sellers, that means the day when you relinquish ownership of the property. Both parties will likely have their real estate agents and lawyers with them to ensure that all the proper procedures are being followed and no one is leaving themselves open to litigation at a later date.
For buyers, the day will go like this: your bank or mortgage lender will give the sum you are borrowing plus your down payment to your lawyer, usually in the form of a cashier's check. Your lawyer will then take this money to the seller's lawyer. Both lawyers will witness it as the payment for the house you've chosen from the Ajax real estate listings. In exchange for the money, the seller's lawyer will hand over the title to the house and the keys. Your lawyer will register the change of ownership with the government and pay the transfer tax. Then he will deliver the keys and documents to you.
For sellers, the day will go like this: you'll hand over the keys and deed for your house to your lawyer. Your lawyer will go to a meeting with the buyer's lawyer. The buyer's lawyer will hand over the cheque for the house and your lawyer will check that it is legitimate. Once she's satisfied, she'll hand over the keys and documents. Then she'll take the cheque and divide it to pay the interested parties, including you and your real estate agent and the buyer's agent, who will then move on to sell other Lindsay, Ontario houses.
This is how it goes when you are using an escrow service. The lawyers act as a buffer between you and the seller. Neither of you even has to attend the meeting. You just have to sit home and wait for a phone call. However, for people who are buying or selling Edmonton homes themselves, you will have to be present at the meeting along with your realtors if you have them.
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