Closure Process Explained

The Closing Process in Toronto, GTA Real Estate: What to Expect and How to Prepare

Before the sale can be completed, several things must take place, as it is the last phase in the home selling process. Both buyers and sellers may experience anxiety and excitement on closing day. What occurs in Toronto and the GTA during the closing process is broken down as follows:

1. Final walkthrough: Before the closing date, the buyer has the right to conduct a final walkthrough of the property to ensure everything is as it was when they made their offer.

2. Closing expenses: Some closing expenses, like legal fees, land transfer taxes, and any unpaid utility bills or property taxes, will fall under the purview of both the buyer and the seller.

3. Mortgage payoff: If your home is financed, the buyer’s attorney will need your lender’s statement of mortgage payout to confirm that the loan will be fully repaid at closing.

4. Documents must be signed by both the buyer and the seller to transfer ownership of the property. The deed, bill of sale, and utility transfer are examples.

5. Funds transfer: On the closing day, the buyer’s attorney will send the money to your attorney. Your attorney will settle any unpaid mortgages, real estate commissions, and closing expenses once the money has been received. You will receive the remaining sum of money.

6. Possession: Typically, the possession date coincides with the closing date. You must evacuate the property when the transfer of ownership is finished, and the buyer will then get the keys to their new house. Working with a knowledgeable real estate agent who can walk you through the process and ensure everything goes as planned is crucial because the closing process can be complicated.

To learn more about the closing procedure and begin selling your house, get in touch with a real estate agent in Toronto and the GTA immediately.

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