Closing Moving Out

Closing Day

If you have come this far, it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends:

Final Walk-Through Inspection.

More of a formality than anything else, the final inspection occurs the day before or the day of the closing. The seller visits the property to verify that everything is in working order and that no extra items are left behind. Ensure that fixtures and inclusions included in the agreement must be left behind. If unsure, work with your agent to ensure what you can take or leave. Also, ensure the home is clean and left in a broom-swept condition.

Cancel Home Services and Utilities.

The seller should have contacted their providers to ensure that the termination of home services and utilities after the closing occurs.

Be Prepared.

We are ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.

Closing.

The seller’s lawyer reviews the Agreement of Purchase and Sale with the client, does a title search to confirm ownership, and checks for liens, encumbrances, or issues that could affect the sale. The lawyer prepares the necessary legal documents, including the Deed of Transfer of Land, Mortgage discharge documents (if applicable), and Statement of Adjustments (detailing financial transactions related to the sale). The lawyer calculates adjustments for property taxes, utilities, and other costs incurred up to the closing date, ensuring that the buyer pays their share from the closing date forward. The lawyer ensures that the buyer’s funds are in order, verifying that the deposit and the remaining purchase price are properly secured. The seller’s lawyer communicates with the buyer’s lawyer to confirm the closing details, including the transfer of funds and any required documents. On the closing day, review the closing statement, ensure that the seller has signed all the documents, and confirm the buyer’s funds have been received. Once the funds are received, the lawyer registers the Transfer of Land and any mortgage discharges with the land registry.