CHAPTER 17 Once You’ve Sold Your Home our Home
STEP 7: THE CLOSING
You will meet with your real estate lawyer to sign your purchase documents and mortgage documents about 7-10 days before the purchase closing date. This appointment will take about 1 hour, during which the lawyer will review all documents with you and have you sign all legal papers. Bring in any deposit money or down payment that is required to close the purchase at this time. The seller’s lawyer will have sent the purchaser’s lawyer all documents required by the purchaser to transfer title, and in most cases, the purchaser’s lawyer will review the seller’s documents with the purchaser at this appointment. On the close date, the purchaser’s lawyer will send to the seller’s lawyer the required money to close the transaction. The purchaser’s lawyer will then send the documents to Land Titles for registration. Once the seller has received the money from the purchaser’s lawyer, he or she will call up the seller’s agent and tell the agent to release keys. Sometimes, the lawyers arrange for the keys to be transferred through the lawyers. The seller’s agent then calls up the purchaser’s agent, and they make arrangements to meet the purchaser to hand over the keys to the home. All expected closing costs should already have been covered and put into writing between you and the buyer. The following items are commonly paid for by sellers at closing, although this is not set in stone. 96
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