13 Oct Closing Day (or, ‘When Can I Pick-up Keys?’)
While you are waiting for the keys to your new home, here’s what’s happening behind the scenes on closing day: If you are getting a mortgage, your lawyer will be obtaining mortgage funds from the lender to combine with your down payment. Your lawyer will then send closing funds and documents to the vendor’s lawyer and will receive the vendor’s closing documents in exchange. Once both lawyers have signed off, the transfer/deed can be registered and your lawyer will release the keys to you.
- In most cases, these steps mean keys will be released late afternoon, so it is always advisable to arrange your move-in for the day after closing at the earliest, unless you are eager to pay movers to wait around all day!
- If possible, you may want to avoid selling your existing home on the same day since doing so means you will have to wait for that deal to close to use the proceeds as your down payment, resulting in considerable delays to the process.