The expectations of closing day are one of the more stressful details of buying a home. Being properly prepared can take a good deal of stress out of the day. However, there are many factors that you and your lawyer can complete in order to make the closing day as smooth as possible. In order to be properly prepared you should consider the following items:
1.You should meet with your lawyer 1-4 days before closing to sign all of the final paperwork so that it is complete and ready for the morning of closing.
2. You should ensure that your closing funds (down payment, land transfer tax, closing costs) are available and ready in your bank account 5 days prior to closing. Make sure you allow extra time if you are transferring funds from an RSP, approximately three weeks to be safe.
3. Be sure to have a phone number or numbers available for your lawyer to call on the day of closing as they will call you as soon as keys are
available. Generally you will pick up keys from your lawyer’s office.
4. If possible, you may try to schedule your actual move-in date for the day after your purchase closes. In that way, you will pick up your keys on the day of closing and the next day your can begin moving first thing in the morning. If you must move in on the day of closing, you should consider the following factors:
a) Pick a closing date on a day other than a Friday. Typically Friday’s are the busiest closing date with the most closings, so closing on a Tuesday or Wednesday means the day is less busy and in many cases your closing will occur earlier in the day.
b) Have movers ready at approximately 2:00 to minimize their wasted time if the deal closes late in the day.
5. Complete your final inspection the day before closing. Completing your inspection too early will mean that the Seller may not have commenced moving yet and the home will not look the same as it will on the day of closing. Completing it the day before closing means the Seller will be close to complete and the you will get a better idea of what the house will look like at the day of closing.
6. Finally, having realistic expectations, and lots of friends to help you move will also help lessen the stress of moving day.