The Closing

The Agreement of Purchase and Sale will state the closing date and, unless both parties agree to change the date, it will be your closing date unless it falls on a Saturday, Sunday, or Holiday.

Shortly before the closing date, your lawyer will have you make an appointment to go over the transaction, sign your documents and deposit with them the funds required to complete the transaction.

On the closing date, the Vendor will provide the deed and keys to the property. After the deed is transferred and the Vendor is paid, you will be provided with a report containing the Certificate of Title, a copy of your Deed, Mortgage, and all the supporting documentation. Your lawyer's office will register your deed in the Registry of Deeds and file all the necessary documents with your mortgage company. Your lawyer will mail the original deed to you when it is returned from the Registry of Deeds approximately one month after the closing.

Formal closings are a thing of the past. Today, the transaction is agreed to by telephone and the documentation and money are transferred by courier. The informal closing is generally thought of as being more efficient as it saves time for all of the parties involved. The Purchaser and the Vendor no longer have to wait in a lawyer's office on the closing date for the details to be worked out. Your lawyer prefers to have you come into their office to go over the details a few days in advance.

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Return to: The Agreement of Purchase and Sale

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