Moving Time and Keys on Closing
Before keys can be released by the lawyer to the purchaser on the date of closing, the mortgage lender must provide closing funds, closing cheques must be certified, documents must be exchanged between the lawyers for the buyer and seller, and the land registry office registrations must be completed. By the time all of those things happen on the closing date (so that the key can be released to the purchaser), it will usually be late in the afternoon and often be about 5 p.m. on the date of closing. Therefore, if you are moving on the closing date or arranging for work to be done on your purchased residence, we suggest that you consider arranging your movers to arrive at the property late in the afternoon on the closing date in order to avoid unnecessary moving costs if you are paying movers on an hourly basis.

Fire and Contents Insurance
Purchases of residences cannot be completed without proof of fire & contents insurance being provided to the purchaser’s lawyer prior to closing the purchase.   Make sure your insurance agent faxes to the lawyer your insurance information prior to closing.

Closing Cheques and Appointment in the Law Office Prior to Closing
About 2 days prior to closing you will be contacted for an appointment to sign the closing documents at the law office and, at the time of making the appointment, you will typically be advised about any cheques required for closing.

Closing Adjustments to the Purchase Price
The certified cheque you will be asked to bring for closing will include any closing adjustments to the purchase price. The Agreement of Purchase and Sale states that the balance of the purchase price on the closing date will be paid by certified cheque subject to the usual adjustments. On a resale home, adjustments include items already prepaid beyond the closing date by the seller that benefit the purchaser after the closing date, and a credit is given to the seller as an adjustment on closing.   Some examples of closing adjustments on a resale home are for prepaid realty taxes, and pre-paid utilities.

Mortgage Financing
It is your responsibility to arrange any mortgage financing which you might require to complete the purchase. Once you arrange the mortgage, it will be your responsibility to:

  1. satisfy any special requirements by the lender (e.g. – proof of income, proof of cash down payments, payment of other debt obligations, if required by the mortgage lender, etc.) in order to avoid financing problems on closing day;
  2. Please confirm with the mortgage lender that mortgage instructions have been sent to the lawyers office to finalize processing your mortgage financing for closing.

Title Insurance
It is recommended to purchase a title insurance policy which will provide title protection against title defects, survey issues, liens, work orders, frauds, forgery, etc.  The title policy ordered will be sent to you after closing the purchase and such policy will exist for your entire period of ownership of your residence, no matter how many years you own the property.

If Your Purchase is from a BUILDER
If you have bought a newly constructed residence, you should attend at the property prior to closing to inspect and prepare a list of matters requiring the attention of the builder. The inspection appointment time must be arranged by you with the builder’s representative. At that time, you will complete the Certificate of Completion and Possession for delivery by the builder to the TARION Warranty Program

Utilities and Cable T.V. and Moving Checklist
You must notify (prior to closing) all applicable departments concerned to confirm arrangements for the transfer of all utilities.