Preparing For Closing - Closing the deal It’s an exciting time. Your offer has been accepted. You can’t wait to move into your new home. But don’t start celebrating yet. There is one final stage involved in purchasing a home — closing the deal. Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your REALTOR® will do much of the work, but here’s a checklist that will show you what to expect as the process unfolds: Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your REALTOR® will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property. Immediately begin satisfying…
