This is the day you officially become a New Home Owner!
What to expect on Closing Day
Typically, you visit your lawyer’s office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.
When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.
Some of the most common expenses are listed below. These expenses may vary, depending on your area:
|Mortgage application and appraisal fee||At time of application|
|House inspection (optional)||At time of application|
|Deed and/or mortgage registration||Closing|
|Property survey (sometimes provided by the seller)||Closing|
|Land Transfer Taxes by province||Closing|
|Property tax adjustments||Closing|