By: Jayson Schwarz LLM
Lawyers have a tendency to forget that people do not know what to expect as they move closer to their closing so I hope this helps.
Let us assume that the closing of your home will occur in a month and the date is firm. By now your lawyer has sent out clearance letters, done his search and requisitioned the other lawyer to ensure title is correct. You need to advise in writing the various city and regional departments of your name, new address, phone number as soon as you move in. There are plenty of books and manuals published on this topic and I suggest you check around, but as a short and certainly not comprehensive list at a minimum you have the following: Hydro, Water, Gas or Oil, Phone, Cable, and Tax Department. Set up your account and learn who to call in an emergency or when you need service; identify your closest police and fire departments and hospital.
Now you will close and get TITLE. What does that mean? The Government of Ontario keeps records of every piece of property in the Province. These records are called the title documents. The document that says who owns the property is called the “transfer or deed”. When a document is filed with the government this is called “registering” the document. When a bank lends money and records it on title, it registers the “mortgage”. When the mortgage is paid off and you record it on title, you register the “discharge”. There are many other documents but these are a good start. Today almost all documents and searches are conducted electronically over the Government’s electronic registry system. Your lawyer checks all this to make sure it is right and this is called “Searching the Title”.
Subject to when he receives the adjustments from the vendor your lawyer should call you anywhere from 2 days to a week before the closing and provide you the exact figures you need to close the deal. Remember generally all cheques need to be certified as they go through our Trust Accounts. You will then come into the office and sign up. This means you will attend and execute all of the various documents. This will include the mortgage, deed or transfer, declarations, undertakings, etc. Also remember to bring picture ID as we always get that for your own protection. It usually takes between ½ and 1 hour to sign everything. At the same time the other side is doing the same thing.
Your lawyer will then contact the other lawyer and make arrangements for the Closing. The lawyers will perform their electronic registrations and you own the house! What about the keys? – Keys are either handed over at the Registry Office or from your agent or lawyer. Your lawyer should phone you with this information.
Now what? Move in and enjoy and sometime in the next 60-90 days your lawyer should provide you with his report with all your documents and his final account.