MENU		CLOSING THE DEAL
		Closing brings together a variety of parties who are part of the transaction process when all the legal and financial obligations stated in your Offer to Purchase will be met. The transaction is viewed as complete when the respective solicitors exchange the necessary  documentation, the deed/transfer is registered on title, and the money and keys are exchanged.
		WHAT ARE THE STEPS INVOLVED?
		Your real estate representative or your lawyer will keep you informed of the steps involved, but here is an outline of what to expect. Show your lawyer the agreement. A copy of the signed Offer to Purchase is sent to your lawyer, who will examine any conditions of sale and note the closing date. You will also tell your lawyer how you will be registered on the title to the property. All conditions of your offer are met. During closing, all conditions in the Offer to Purchase must be satisfied by the stated dates. For example, you may have made the sale conditional upon a home inspection. This inspection should be completed before you continue closing. Your lawyer searches the title. Once all specified conditions have been met, your lawyer will search the title to the property. This ensures that the vendor does really own the home and that you can purchase it without any legal problems. Check into taxes and liens. Your lawyer will also be checking into government regulations and other legalities. These include ensuring that the property taxes and utilities on the house are paid up to date and that there are no liens on the chattels, that is the personal property the vendor has agreed to sell with the house. Mortgage details are finalized. Your lawyer or lender will also draw up and finalize your mortgage documents. If you are using financing options, such as a vendor take back mortgage, you will need your lawyer to prepare this document too. Arrange your utilities. It is up to you to make arrangements for final payments of utilities at your old home and to begin service at your new home. Now is also the time to make arrangements for moving. It's all over but the signing of the cheque. Your lawyer will prepare a Statement of Adjustments, which will confirm the selling price, the amount you have to pay the vendor, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to your lawyer in trust. You will also owe your lawyer for legal fees, which include closing costs and disbursements.
		CLOSING DAY
		The day you finally succeeded in realizing your goal! It's the day you can actually call your new home yours. Closing is the day you get the keys and legally take possession. It's the day for feeling great satisfaction at reaching your goal. But the process is not quite over yet. There are a lot of other things that also happen on closing day: Your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer. You will be responsible for paying legal fees, disbursements and land transfer taxes. Your lawyer pays the vendor, registers the home in your name and provides you with a deed and the keys. FIND YOUR NEW HOME WITH

CONTACT INFORMATION
		Rick McGuigan Toronto real estate sales representative Coldwell Banker Case Realty Phone: 416-696-5100 Pager: 416-461-0925
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