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CONGRATULATIONS! IT’S POSSESSION DAY!
You’re in the final step of your transaction, today is the day your lender will fund your mortgage, and your first home will become yours. Possession day is scary, exciting and very emotional. Here’s what you can expect.
BEHIND THE SCENES ON CLOSING DAY
Today is the day that all of the parts of buying a property come together. Each party’s lawyer will have completed the steps required to ensure that the transfer of the property can complete.
Your REALTOR® will be in communication with the seller’s agent as well as your lawyer in the days leading up to possession as well as on possession day to ensure that things run smoothly and there are no anticipated delays.
On possession day the lawyers will complete the transaction. Upon approval from your lender, your lawyer will then forward the funds for your purchase to the seller’s lawyer. Once the seller’s lawyer receives these funds and confirms them, the keys become releasable to you as the buyer, and the property becomes yours.
The seller’s lawyer will contact the seller’s agent to confirm that funds have been received and that keys can be released to the new buyers (YOU). The seller’s agent will then contact your REALTOR® to confirm and arrange for keys to be picked up. Your REALTOR® will communicate to you when keys have been released and will make arrangements to meet you at the property or at another location to give you the keys to your new home!!!
Generally, the lawyers will try to complete the transaction and issue key releases by noon on possession day, but this isn’t always the case. It’s a good idea to be prepared just in case there is a delay in closing, and you aren’t able to obtain keys on possession day.
