4 Common Home Closing Day Mistakes to Avoid
Published on 29 August 2022, 07:22:56 AM
Don’t let these four common closing day mistakes derail you next time you buy a home or land in Ontario.
What can possibly go wrong on the day of closing, you say?
1. Closing funds are wrong.
Bringing the wrong amount, having an incorrect bank account number, or problems getting a last-minute bank draft can mess up your closing day. Don’t make closing day mistakes by bringing your lawyer’s office a credit card, instead of a certified cheque. Ask ahead, before you arrive.
Get the right insurance for your home type.
2. Final walk-through is a revelation.
Buyers expecting to see the same home they visited on their initial house tour can be surprised to discover what they’re really in for on closing day.
Cleverly arranged wall art can cover up a web of cracks and broken plaster. Missing appliances, a garden shed that’s vanished, pools of water from a recent rain storm — now that the rooms are empty, it may seem late to complain.
This is your next-to-last chance to request repairs before you close (you can still complain after the deal is complete, but it will be more complicated and expensive).
Talk to your real estate lawyer and realtor if your walk through turns up unexpected or unpleasant surprises.
Real estate closing documents checklist for Ontario.
3. Closing date keeps getting pushed back.
How accurate closing dates are depends on the offer to purchase. Your agreement of purchase and sale is a legally binding contract. Little delays, like needing more time to find mortgage financing, can push back the completion date. Make sure those aren’t signals the buyer or seller won’t be able to complete on time on closing day.
Writing valid agreements of purchase and sale.
4. Missed deadline puts sale into escrow.
Ontario land registry offices close by 5 p.m. Missing the deadline to transfer title to your property can put your completion date over into the next business day. That can spell real delays if closing day is a Friday. Read using escrow to close real estate transactions.
Try to avoid scheduling completion dates to coincide with the weekend. Your home insurance could be resting on your completion date. Even a delay of a day could spell disaster if a home fire or severe weather has damaged your new or resale home.
Your costs during the real estate closing process in Ontario.
Why You Need a Real Estate Lawyer
Axess Law’s professional real estate lawyers in Toronto, Greater Toronto Area, or Ottawa finalize real estate transactions for Ontario home buyers and sellers. Protect your legal and financial interests by having Axess Law review your draft or signed agreement of purchase and sale. We tell you if essential clauses are missing from your offer to purchase.
What a real estate closing lawyer does.
Let our licensed Ontario lawyers close real estate transactions for you. We liaise with your realtor and mortgage lenders to receive real estate documents, and discharge existing mortgages. Your Axess Law lawyer searches property titles for construction liens or other legal claims that can prevent or delay a property sale, then register it in your name.
Real estate deposit rules in Ontario 2022.
When you need more time to get mortgage financing, we negotiate with the seller’s lawyer to extend the closing date. Home inspection raising concerns? We talk to the seller’s lawyer if minor repairs are needed, or you expect a reduction in the sales price. If negotiations don’t unfold to your satisfaction, Axess Law reviews your obligations if you want to walk away.
Sellers, you may be able to collect a penalty for buyers not closing on time in Ontario. You could be surprised if a real estate deal falls through, who gets the deposit. Why buyers who default almost always lose their deposit.
Affordable Real Estate Lawyers, Anywhere You Are
Access lawyers for less in Greater Toronto Area, Ottawa, or by remote video conference. Our flat fee rates are affordable, and all inclusive (excluding taxes, disbursements, and third-party charges). Your final invoice includes no surprises, or hidden charges. Your itemized statement of adjustments is explained when we deliver it, and we answer any questions you have about it. You can get independent legal advice, or add a family member to a property for a modest title transfer lawyer fee. Axess Law offers you only the legal services you absolutely need.
Find a real estate lawyer in Ontario.
Hiring Virtual Real Estate Lawyers in Ontario
Axess Law virtual real estate lawyers close your home purchase or sale remotely, via video conference call. We have remote real estate lawyers wherever you are in Ontario.
Documents your real estate lawyer needs.
Sign closing documents online or drop into any Axess Law office near you to finalize your real estate transaction. Axess Law’s secure, confidential software protects your privacy while you meet online with our experienced legal professionals.
Book Legal Appointments Online
Before you commit to buying or selling property in Ontario, meet with a virtual lawyer online, or drop by our Ottawa or Greater Toronto Area law offices. You can make legal appointments online with our convenient booking form or call our 647-479-0118 lawyer line (toll free to 1-877-522-9377) to find days and times that work for you.
Axess Law has onsite parking, and easy transit access.
