Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Expert advice

Buyer’s Journey: Here’s What to Expect on Closing Day

Zoocasa by Zoocasa
September 24, 2023
in Expert advice, First Time Home Buyer
Reading Time: 5 mins read
Homebuyers shaking hands with realtors.
Share
Tweet
Share
0 Shares

Closing day for a new home is an exciting and important step in the homebuying process. Closing day is when you legally take possession of the house and can officially call it your home! In this article, we have outlined the proper action to take on closing day so that everything is transferred smoothly over to your possession. The closing day process entails taking a final walkthrough of the property, bringing the documents needed to close the property, reviewing the documents and clarifying any concerns, and finally, paying the down payment and closing costs. 

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox. 

Here’s an overview of what you can expect on closing day so that you don’t miss anything:

Final Walk-Through: 

Before the actual closing, you’ll typically have a final walk-through of the property. This is your last chance to ensure that the home is in the condition agreed upon in the contract and that any requested repairs have been completed. Some things you should look for during this walkthrough are:

  • Agreed-upon concerns are fixed (appliances, light fixtures etc.)
  • Ensure utilities are working and in proper order
  • Appliances are running properly
  • Heating and cooling systems work 
  • Structural issues like water damage, mold, holes in the wall etc. 

Bring Required Documents: 

You’ll need to bring several important documents to the closing, including your identification, proof of homeowner’s insurance, and a cashier’s check or wire transfer for the closing costs and any down payment. Your lender and real estate agent will provide guidance on exactly what you need.

  • Read: Make Your Home Buying Dreams Reality: 5 Tips from First-Time Buyers

Reviewing Documents: 

At the closing, you’ll be presented with a stack of documents to sign. These may include the following:

  • Closing Disclosure: This document outlines the final terms of your loan, including interest rate, monthly payments, and closing costs.
  • Promissory Note: This is a legal document stating your promise to repay the loan, along with all the details of the loan terms.
  • Deed of Trust or Mortgage: This document secures the loan with the property and gives the lender the right to foreclose if you fail to make payments.
  • Title Documents: You’ll receive a copy of the title report and the deed, which transfer ownership of the property to you.
  • Settlement Statement: This provides a detailed breakdown of all the costs associated with the transaction.

Payment: 

You’ll need to provide the funds for your down payment and closing costs at this time. This is typically done via a cashier’s check or wire transfer. 

Closing costs vary province by province but typically cost anywhere as low as $16,000 to over $500,000. 

For example, if you were to buy a home in Alberta, and let’s say the house sold for $468,519 (the average home price in Alberta in July 2023), then the closing day expenses would be broken down like this: 

  • Down payment – $23,426
  • Land title transfer fee – $428
  • Legal fees, title insurance and MISC – $2,000

However, keep in mind these charges depend on the price of the house and the location. In Ontario, for a house that costs $884,000, the minimum down payment would be $63,000, the land title transfer fee would be $10,000, the provincial sales tax would be $2,600 and the legal fees would be roughly $2,000. 

Down payments can vary based on the type of loan that you have received, your credit score, and the price of your home. A more expensive property requires a larger down payment. Land transfer fees can range anywhere in Ontario from $0 to $26,000 depending on the market where you are buying the house. Legal fees are generally around $2,000 wherever you go. 

Receive Keys: 

Once all the paperwork is signed and the funds are transferred, you’ll receive the keys to your new home. Congratulations, you’re now a homeowner!

  • Read: 4 Finance Moves to Make Your Home Buying Experience Less Stressful

Recording the Transaction: 

After the closing, the transaction is typically recorded with the local government office that handles property records. This officially transfers ownership of the property to you.

Keep in mind that the exact process can vary depending on your location and the specific terms of your real estate transaction. It’s essential to work closely with your real estate agent, so give us a call today! The experienced agents at Zoocasa can walk you through the entire process, right up until you receive the keys to your dream home!

Buying your first home?
Sign up for a free Consultation
Previous Post

5 Detached Homes Currently Available in Southern Ontario for Less than $600,000

Next Post

The East Coast Advantage: A Five-Year Analysis of Affordable Real Estate Trends in Canada’s Eastern Provinces

Zoocasa

Zoocasa

Zoocasa is an award-winning prop-tech company and wholly owned subsidiary of eXp Realty Inc. LLC. Zoocasa uses data and technology to deliver an intelligent, end-to-end real estate experience. Zoocasa’s insights and suite of digital tools, combined with the market expertise of its dedicated agents and team allows Zoocasa to set a new standard for full-service real estate. A 4-time winner of both the Financial Times' Fastest Growing Companies in the Americas and the Top Growing Companies in Canada by the Globe and Mail, Zoocasa continues to innovate on the home buying, selling and search experience online.

Related Posts

A house featuring solar panels installed on its roof.
Canada

How Green Energy Rebates Are Powering Higher Home Resale Prices in 2025

May 13, 2025
Two people shaking hands over a tiny house model
Buying a Home

7 Smart Strategies to Make Co-Buying a Home a Success

May 4, 2025
Buying a Home

Unbeatable Deals: Homes in Windsor for Sale Under $400,000!

April 11, 2025

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Two people sitting on a hammock together.

Discover Moncton: Top Things to Do in New Brunswick’s Vibrant City

May 18, 2025
Scenic view of Hoboken's pier

Hoboken Living: Why This NYC Neighbor Is Stealing the Spotlight in 2025

May 17, 2025

6 Ontario Cottages That Have Recently Seen Major Price Cuts

May 16, 2025
house in suburbs

It’s a Spring Freeze as Canadian Home Sales Stagnate in April: CREA

May 15, 2025

Featured Listings

Dream Homes with Breathtaking Views in the U.S.

February 11, 2025
A family looking at a house.

Deals of the Month: Ontario Homes with Recent Price Reductions

November 12, 2024

Slopeside Living: 9 Ontario Homes Near Ski Hills and Resorts

October 11, 2024
An athlete holding USA flag.

Homes of Champions: Luxurious Mansions Fit for America’s Olympians

August 5, 2024
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.