4 Closing Day Tips
Closing day can feel a bit overwhelming, even for seasoned homebuyers! Before the keys are in your hands, there are a few important things happening behind the scenes, and how things go highly depends on circumstances. Being prepared is your best opportunity for a smooth finish line!
Leading up to closing day, and sometimes right until the last minute, funds are being wired and received, the title is being transferred, the deed is being prepared in your name and your lawyer is communicating with the lender and seller's lawyer to complete the final requirements.
1. Tuesdays, Wednesdays and Thursdays are the best days of the week to choose for closing to allow buffer days before the weekend and to avoid the inevitable busy Monday. Also keep in mind, if you choose a holiday or weekend, your closing day will automatically be moved to the next business day.
2. Discuss important details with your lawyer in advance, such as how to pay them your down payment and closing costs, any conditions you may be required to demonstrate and ID verification. For example, the law office may accept wire transfer, direct deposit, certified cheque or bank draft. They may have lawyer conditions that you need to sign off on or provide additional documents for, or your ID may have recently expired. Walk through this process in advance to be ready for the big day.
3. Complete a thorough walk-through of the home with your Realtor prior to closing to ensure everything is in the same condition as when you originally offered to buy. The sooner you know of any potential concerns, the sooner they can be addressed and resolved.
4. Practice your best patience. Think of closing day as transaction day only, and not the day you move in. It will go a long way to set expectations and make for a more stress-free feeling. Pro Tip - don't schedule utility hookups or moving trucks on day of closing!
Now the big day has arrived - celebrate and enjoy your new home!
Any questions, I'm always here for you - call 902-225-7077.
Sarah Nixon-Miller,
Mortgage Broker