What Happens on Closing Day?
Closing day is the final—and most exciting—step in buying a home! It’s when ownership officially transfers to you, and all the legal and financial pieces come together. As your mortgage broker, I make sure everything is in place so your big day goes smoothly. Here’s what to expect:
- Your Lawyer Finalizes the Legal Work
Your real estate lawyer plays a key role in making sure the transaction is legally sound:
✅ Title Transfer – The property title is officially transferred to your name.
✅ Title Search & Insurance – The lawyer confirms there are no outstanding liens or disputes and ensures title insurance is in place to protect you and your lender.
✅ Property Registration – Your home is registered in your name with the Ontario Land Registry Office.
- The Financial Transactions Are Completed
Funds Transfer
- Your lawyer transfers the purchase price to the seller’s lawyer using funds from your down payment and mortgage.
- As your mortgage broker, I ensure your mortgage is finalized in advance, so the funds are ready for closing day without delays.
Adjustments
- Any prepaid property taxes, condo fees, or utilities are adjusted between you and the seller to make sure both parties pay their fair share.
- You Get the Keys!
Once all funds are transferred and legal work is completed, your lawyer receives the keys from the seller’s lawyer—and then, they’re yours! It’s time to step into your new home.
- My Role as Your Mortgage Broker
My job isn’t just about securing your mortgage—I stay involved to ensure a stress-free closing:
✔ Pre-Closing Support – I make sure your mortgage is approved, all conditions (like proof of insurance) are met, and funds are ready for closing.
✔ Working with Your Lawyer – I coordinate directly with your lawyer to provide necessary documents and avoid last-minute surprises.
✔ Guidance & Problem-Solving – If any unexpected issues pop up, I’m here to help resolve them quickly.
- What You Need to Do Before Closing
To keep things on track, you’ll need to:
Provide Remaining Funds – Your down payment (minus deposits already paid) and closing costs (like legal fees and land transfer tax) must be sent to your lawyer’s trust account.
Sign Final Documents – Before closing day, you’ll meet with your lawyer to sign your mortgage agreement and property transfer paperwork.
- After Closing
Move In & Celebrate – Once you have the keys, it’s time to settle into your new home!
Ongoing Mortgage Support – My support doesn’t end at closing. Whether you have questions about payments, refinancing, or future financial goals, I’m always here to help.
Ready to Make Homeownership a Reality?
Buying a home is a big step, but you don’t have to go through it alone. I’ll be with you every step of the way, making sure your mortgage is the least stressful part of the process!
Call: 905-929-1199
Email: lamalfi@tmacc.com
Serving: Ancaster, Hamilton & All of Ontario
Let’s make your closing day smooth and exciting—just like it should be!