Some common things that you should know about real estate closings :
With most real estate closings you won’t actually meet with your real estate lawyer until all of the documents are prepared and ready for execution. This usually occurs a few days prior to the actual closing date, but can be as late as the morning of closing. At the real estate closing appointment the lawyer will review the various documents associated with your real estate closing with you. Most of the documents are boiler plate – meaning that they are standard with every transaction. The execution of these documents typically takes about an hour.
2. Day of closing
On the day of closing your real estate lawyer will send cheques/keys and executed documents over to the other real estate lawyer’s office. When both parties have everything that they need one of the lawyers will register the deed and any associated mortgage on title through the province’s electronic land registry system. Once the deed and mortgage are registered the lawyers can release the keys and cheques to the parties and the real estate deal is officially closed.
Delays aren’t great but they do happen. There are a lot of moving parts in a real estate transaction and they don’t always line up. Lenders and banks won’t always get documents or instructions in on time, conditions in the agreement may not yet be fulfilled, et cetera et cetera. If there is a delay in the closing the lawyers will typically agree to extend the terms of the deal by way of a letter. There may be additional costs associated with the delay depending on how long it will take to get it done.
When issues arise the lawyers will always try to work around them to ensure that a deal closes as scheduled. There are typically fairly severe consequences to one/both parties if a deal cannot close.
If you have bought/sold your home and need to find a real estate lawyer to close your transaction, consider Delaney’s Law Firm. We have ten years of experience behind us, have competitive rates, and will provide you with the level of service required to make your move as stress free as possible.
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