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Do’s & Don’ts on Closing Day

46700092_sThere are some things that just drive lawyers and staff mad.  Here is a list of common things people do or don’t on the day of closing:

IF YOU ARE THE SELLER

1.  NEVER, EVER, NEVER, give the Purchaser the Key before closing. If for any reason the transaction fails to close and the Purchasers have been let into the property even only to store some stuff, they are legal tenants and you may have a difficult time getting them out of the house. As well, if the closing date has to be extended, letting them into the house will probably lead to losing any bargaining leverage you may have. SO DON’T!

MAKE REASONABLE ARRANGEMENTS

2. MAKE REASONABLE arrangements for the move. If you are the Seller, try to get everything out of the house early on the date of closing or better yet before. If you are the Purchaser do not make any arrangements for appliances, work to be done, cable, telephone, etc. on the day of closing as there are no guarantees that it will close before 5:00pm and doing so will only frustrate you! Also, arrange the movers (or Move) for late in the day or better yet the next day or later. If you schedule the movers for early morning on the day of closing, be prepared for the possibility of having to wait until the deal closes or until the Sellers have moved out of the house.

DO NOT CALL

3. PLEASE DO NOT CALL our office every 15-30 minutes inquiring if the deal has closed or not. We will call you as soon as we are in a position to release the keys (if you are the purchaser) or money (if you are the Seller) to you. We attempt to close as many transactions the morning of the day of closing. If you have not heard from us by 12:00 Noon give us a call and we can probably let you know what is happening. If there are problems, WE WILL CALL YOU. So it is important that we can reach you on the day of closing. In most cases, “No news is Good news”.

PLEASE MAKE YOURSELF AVAILABLE

4. PLEASE MAKE YOURSELF AVAILABLE on the date of closing. Make sure we have a contact number for you and that you are available to answer our calls. Take the day off work. If there is a problem, we may need you to come to the office or provide us with some document or such. If you are selling, please do not go to work figuring that you will start your move when you get home at 5:00pm. As set out before, the transaction will be closed long before then and the Purchasers will not be happy waiting for you to move out. If you are buying, you should go to the property as soon as you get keys to look around for any damage caused from the Sellers moving out and to make sure any and all the appliances, carpets, curtains, etc. that were set out in the Agreement of Purchase and Sale are there after closing. If not call your lawyer as soon as possible. It doesn’t help if you call 3 months after moving in to tell your lawyer the built-in dishwasher is missing and wasn’t there when you moved in. (true story!).

REVIEW YOUR DOCUMENTS

5. On or shortly after closing, you will receive a “Closing Package” from our office. If you are the Purchaser it will contain amongst other things, a copy of your registered Transfer/deed, a copy of your Title Insurance; a copy of all the documents from the other party and their lawyer, and a copy of all the documents you signed; as well as, your keys. It is very important you look through your documentation when you get it, to review any issues we had closing this transaction and any notifications for you or sent-out on your behalf…you never know there may even be cheque. If you are Selling, the documentation will contain a copy of all the documents you signed, copies of documents from the purchaser and lawyer, copies of undertaking given on your behalf, discharge statements for any mortgages, liens etc., any payments of any other debts required on closing as well as the proceeds of the sale.

ASK QUESTIONS

6. DO NOT HESITATE TO ASK ANY QUESTIONS…WE are here for you!

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