4 Common Home Closing Day Mistakes to Avoid

Buying real estate can go sideways when closing day mistakes derail you. What can possibly go wrong on the day of closing, you say?

Real estate deposit rules in Ontario 2022.

1. Closing funds are wrong.

Bringing the wrong amount, having an incorrect bank account number, or problems getting a last-minute bank draft can mess up your closing day. Don’t make closing day mistakes by bringing your lawyer’s office a credit card, instead of a certified cheque. Ask ahead, before you arrive.

2. Final walk-through is a revelation.

Buyers expecting to see the same home they visited on their initial house tour can be surprised to discover what they’re really in for on closing day. 

Cleverly arranged wall art can cover up a web of cracks and broken plaster. Missing appliances, a garden shed that’s vanished, pools of water from a recent rain storm — now that the rooms are empty, it may seem late to complain. 

This is your next-to-last chance to request repairs before you close (you can still complain after the deal is complete, but it will be more complicated and expensive). 

Talk to your real estate lawyer and realtor if your walk through turns up unexpected or unpleasant surprises. 

Real estate closing documents checklist for Ontario.

3. Closing date keeps getting pushed back.

How accurate closing dates are depends on the offer to purchase. Your agreement of purchase and sale is a legally binding contract. Little delays, like needing more time to find mortgage financing, can push back the completion date. Make sure those aren’t signals the buyer or seller won’t be able to complete on time on closing day. 

Writing valid agreements of purchase and sale.

4. Missed deadline puts sale into escrow.

Ontario land registry offices close by 5 p.m. Missing the deadline can put your completion date over into the next business day, and that can spell real delays if closing day is a Friday. 

Try to avoid scheduling completion dates to coincide with the weekend. Your home insurance could be resting on your completion date. Even a delay of a day could spell disaster if a home fire or severe weather has damaged your new or resale home.

Your costs during the real estate closing process in Ontario. 

Why You Need a Real Estate Lawyer

Axess Law’s professional real estate lawyers in Toronto, Greater Toronto Area, or Ottawa finalize real estate transactions for Ontario home buyers and sellers. Protect your legal and financial interests by having Axess Law review your draft or signed agreement of purchase and sale. We tell you if essential clauses are missing from your offer to purchase.

What a real estate closing lawyer does. 

Let our licensed Ontario lawyers close real estate transactions for you. We liaise with your realtor and mortgage lenders to receive real estate documents, and discharge existing mortgages. Your Axess Law lawyer searches property titles for construction liens or other legal claims that can prevent or delay a property sale, then register it in your name. 

When you need more time to get mortgage financing, we negotiate with the seller’s lawyer to extend the closing date. Home inspection raising concerns? We talk to the seller’s lawyer if minor repairs are needed, or you expect a reduction in the sales price. If negotiations don’t unfold to your satisfaction, Axess Law reviews your obligations if you want to walk away. 

Sellers, you may be able to collect a penalty for buyers not closing on time in Ontario. You could be surprised if a real estate deal falls through, who gets the deposit. If the deal goes through successfully, Axess Law even hands you the keys to your new home or lockbox.

Lower Legal Expenses for Real Estate Transactions

Lower your legal expenses to buy or sell real estate transactions. Why pay more for legal services when Axess Law has cheap lawyers in Toronto area, Ottawa, or virtually anywhere you are in Ontario?

Axess Law keeps its legal fees low by giving you only the legal services you actually need. Buying a home is $999.99 and up plus HST, and selling just $799.99 and up plus HST. Transfer title for only $649.99 plus HST. 

We give you an itemized statement of adjustments showing all the fees and expenses you paid. Our flat fees are all inclusive, with no surprises or unexplained charges.  

Hiring Virtual Real Estate Lawyers in Ontario

Axess Law virtual real estate lawyers close your home purchase or sale remotely, via video conference call. We have remote real estate lawyers wherever you are in Ontario. 

Documents your real estate lawyer needs. 

E-sign closing documents online or drop into any Axess Law office near you to finalize your real estate transaction. Axess Law’s secure, confidential software protects your privacy while you meet online with our experienced legal professionals. 

Book Legal Appointments Online

Before you commit to buying or selling property in Ontario, meet with a virtual lawyer online, or drop by our Ottawa or Greater Toronto Area law offices. You can make legal appointments online with our convenient booking form or call our 647-479-0118 lawyer line (toll free to 1-877-522-9377) to find days and times that work for you. 

Axess Law has onsite parking, and easy transit access. 

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