Close the Deal
Your negotiations were successful and you have a legally binding agreement.
But, is the house truly sold? Not quite yet. It’s time for the vital
final steps known as “closing.”
Your REALTOR® and lawyer will do most of the work Thank goodness. Closing
a deal involves many, many complicated and time-consuming legal maneuvers.
Which is why you’ve hired pros.
Your Closing Checklist
You still have plenty to do yourself and here’s a comprehensive
Contact With Your Lawyer
If you plan to “discharge” or pay off your mortgage with
proceeds of the sale, your lawyer will obtain a statement from your lender
showing your outstanding balance on the mortgage and any penalties you’ll
have to pay to discharge the mortgage.
A few days before closing, your lawyer will ask you to sign the paperwork
that enables the title to be transferred to the buyer.
On closing day, your lawyer will receive and distribute the proceeds
from the sale, pay off your mortgage and other costs and give you a cheque
for the net proceeds.
You should be pleased that all your hard work paid off.
We hope these ten steps helped make it easier. You’ve probably already
used the proceeds from your sale to purchase your next property. A very
wise move indeed, because as you know, home ownership is one of the best
long-term investments you’ll ever make.
Next Step: Real Estate Terms