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A C M E R E A L T Y I N C . • 6 T E R R A C E H I L L S T • B R A N T F O R D , O N T A R I O • N 3 R 1 E 9
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
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 any of the conditions of the agreement that require your action.
These have definite dates attached to them and if you miss one you may have to arrange an
extension or possibly risk losing the entire deal. As each condition is met, the Realtor will fill out a
waiver form for signatures. Note that most lawyers won’t be doing many of the tasks they need to
do for closing until the conditions are waived.
• Upon your direction and after the conditions have been met, your lawyer will begin searching title
to the property. This is an exercise of going back through government records to ensure a clear title
that is transferable. Electronic registration and title insurance have significantly changed the way
titles on properties are transferred.
• If you decide to have the home inspected, your offer should contain a condition that the property