Completion of the Sale
The real estate closing is also referred to as completion. The two terms are interchangeable, though “closing” is the more common usage. This is the final step in a real estate purchase transaction. It’s when property ownership is transferred from the seller to the buyer.
In the last week prior to completion you, the seller, will have an appointment with your lawyer or notary to review and sign the necessary documents in preparation for closing. At closing, the buyer will also sign a number of documents, including those for the mortgage if they are obtaining financing to facilitate the purchase. Once the mortgage documents are signed by the buyer, the lender will release the loan proceeds cheques. In exchange for these loan and additional buyer proceeds, the Seller’s lawyer or notary, provides the title and ancillary documents. The title, mortgage and ancillary documents are then registered, to officially transfer the ownership to the buyer.
There will also be a final distribution of funds on closing day. As the seller, you will receive any proceeds you have earned from the sale, once the mortgage balance and closing costs have been paid out. Your lawyer or notary will make arrangements for the distribution of the proceeds of the sale.
Finally, the REALTOR® will make arrangements to provide keys to the buyer on possession date. Congratulations will be in order on the successful sale of your home!