Best Advocacy & Civil Legal Representation Services in Kingsville, ON

What Happens on Closing Day for a Seller in Ontario? Closing day is a big deal in any real estate sale, especially for sellers in Ontario. Here's a quick rundown of what happens: Various parties, including the buyer's and seller's lawyers, and often the mortgage broker, come together to finalize the transaction. The main goal is to transfer funds, legal documents, and property keys from the seller to the buyer. The process typically starts with the buyer’s lawyer sending the purchase price to the seller’s lawyer, who checks that all sale conditions are met, like ensuring mortgages are cleared and funds are received. Then, the seller’s lawyer registers the deed, transferring ownership to the buyer and handling the disbursement of funds to settle any debts like mortgages or property taxes. Legally, it’s crucial for sellers to clear any liens or encumbrances on the property and provide vacant possession unless agreed otherwise. Sellers should make sure all conditions are met, provide all necessary keys and access codes, and clear out personal belongings. To avoid last-minute issues, maintaining open communication with your lawyer and real estate agent is key. At Weclose, we keep in constant touch to smooth out the process and address your questions. Closing day is critical, but understanding and preparing for it can help everything go smoothly. If you have questions, the Weclose real estate legal team is ready to assist and guide you through closing day.