What ACTUALLY Happens on Closing Day?
Buying a house is very exciting, especially if it is your first one! Unfortunately, the process can also seem complicated and confusing, especially if it is your first time – we want to take away some of the mystery that surrounds the question, “so, what REALLY happens on closing day?”
1. Wait, wait, and wait some more. Unfortunately, there is no set time for your deal to close – it depends completely on when the deal gets registered (huh? Registered means when the legal title is transferred to you in the online record system). There are many things that can cause delays on the day of close, so it is a wonderful time to practice your patience!
2. Covid-19 has changed things. Surprise! Gone are the days of going to your lawyers office to pick up the keys to your house. Now, most key exchanges happen through a lockbox. Don’t worry, you will still get something – now, we call you and give you the code to the lockbox so you can get your keys directly from the property.
3. You will talk to us. Sometimes a little, sometimes a lot, and probably more than once! We know our clients understand that we are working on getting your deal done as quickly as possible, and that usually means we are diligently working, going to banks, delivering documents, talking with your real estate agent or talking with the other lawyer. It’s a busy day for us too! We try our very best to keep you updated and informed so you have an idea of when you might get the coveted lockbox code!
We want our clients to feel supported through the process and we understand you are full of questions about one of the biggest investments you will make. Ask us! We have a wealth of knowledge and we love to talk. An experienced real estate lawyer will help to make the process that much smoother. Ready to talk? Contact Us Here.
Lauren M. Angle B.A. (Hons.) J.D.