There are many important moments when it comes to real estate. There's that moment when your offer on a piece of Greensboro or London Ontario real estate property has been accepted. Then there's that moment when the seller has handed over the keys to property you bought. Finally, there's that moment when you finally move into your new home. Throughout the course of your real estate experience, whether you're buying or selling, you will be involved in many moments.
One of the most momentous occasions in the world of real estate is closing day. The closing date is the day in which the sale of the home is finalized. In every offer made on Greensboro or Vaughan houses for sale that has been accepted there will be a date specified in the agreement to purchase contract that is highlighted as the closing date.
During the closing date the previous owner of Greensboro or Thornhill real estate listings will hand over the keys to the property that was sold over to the new owner. A lot of the times this is handled by real estate lawyers or real estate agents. The other big thing that happens on the closing date is that the seller receives the money owed to them for the sale of their home.
Those two events that take place on the date of closing makes for a very important date to both the seller and the purchaser. The closing date is different for every real estate transaction but most sales don't close for about 3-4 weeks after an offer has been accepted. This gives enough time for both parties to get all their mortgage Mississauga or Greensboro paperwork in order and to take care of the title search and status certificate.
If you're on the purchasing side of a real estate transaction then on the closing date you're expected to have the funds you'll be using to pay for your new home dispersed to the seller. As well, representatives for the seller will send over paperwork such as the deed of the home to you to have checked by your lawyer. Once the deed and any other legal documents have been verified your lawyer then registers them and your mortgage, as well as also paying the Land Transfer Tax and registration fees for your purchase.
Once all the paperwork is out of the way and the seller has received their money you and your Greensboro or Mississauga real estate agent will officially be able to obtain the keys to your new home and move in whenever you want. There is also an official report sent out after the closing date is complete that summarizes everything about the transaction.