Closing the Deal | Bowes Real Estate

Closing the Deal



Closing day is the day when you finally achieve your goal — you take legal possession and finally get to call your new house your own. You are sure to feel great relief and satisfaction but remember that the homebuying process isn't over just yet. There are quite a few things that need to be done on closing day:

  • Your lender will provide the mortgage money to your closing attorney.
  • ​You must provide the balance of the purchase price to your closing attorney along with the closing costs. 
  • ​Your closing attorney pays the vendor, registers the home in your name, provides you with a deed and the keys to your new home. 

Any terms agreed to in the Agreement of Purchase and Sale such as painting a room, replacing appliances, exchanging light fixtures etc must be completed prior to the date of closing.

Closing costs: Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on closing day. These costs were outlined in the disclosure provided at the time of the mortgage application. 

Deed: The legal document that transfers ownership of the property from the seller to the buyer.