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The seller has accepted your offer and you cannot wait to move into your new home. However, there is still more to do before you officially become the homeowner.
Closing is the point at which the 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 will do much of the work, but most things will be in order.
The process takes place at the local registry office, or your lawyer’s office, usually in a matter of hours. There is usually no need for you to be present at closing. The lawyers for both parties exchange documents, keys and cheques, and then register the deed and mortgage. Soon thereafter, you will be given the keys to your new home!
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