Your Legal Map to the Final Stretch of Your Home-Buying Adventure
You’ve waived your conditions—congratulations! 🎉 The “offer” part of your adventure is complete, and now the journey shifts into the closing phase. This is where your lawyer takes the lead in navigating the final leg to possession day. The path is mapped out in your Residential Purchase Contract (Section 10: Closing Process), but here’s how it plays out in real life.
1. Your Lawyer’s Role in Closing
Once your lawyer receives the signed contract from your REALTOR® (as per Clause 3.1(m)), they get to work:
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Title Search & Verification – They confirm the seller has clear title (Section 5) and identify any financial obligations or encumbrances that must be cleared before you take ownership.
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Review of Closing Documents – This includes the Real Property Report and compliance certificate (Section 10.2) to ensure the home’s improvements meet municipal requirements.
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Preparation for Land Title Registration – They draft the transfer of land and mortgage documents to be registered with the Land Titles Office.
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Coordination Between Lawyers – The buyer’s and seller’s lawyers exchange documents and funds under strict “trust conditions” (Section 10.1), ensuring everyone holds up their end before releasing keys.
💡 Think of your lawyer as your trail guide—charting the safest path, spotting hazards, and making sure you arrive at your destination with all your gear intact.
2. Your Down Payment: Timing & Transfer
Under Clause 10.3, the purchase price must be paid by lawyer’s trust cheque or bank draft. Your mortgage lender will send their portion of the funds to your lawyer shortly before closing, but your down payment (minus any deposits paid under Section 4) must also be in your lawyer’s trust account before keys are released.
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When to Pay: Ideally, 3–5 business days before closing. This gives your lawyer time to verify funds and prepare final calculations.
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How to Pay: Bank draft or wire transfer are standard.
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Why the Deadline Matters: Delays can cause late interest charges under Clause 10.10 and could even delay possession.
3. Meeting Your Lawyer & Signing Documents
You’ll typically meet your lawyer about a week before closing. This is where you sign:
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Transfer of Land – The legal document that moves ownership from the seller to you.
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Mortgage Documents – Your agreement with your lender.
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Statement of Adjustments – A detailed breakdown of how costs like property taxes, utilities, and condo fees (if applicable) are split between you and the seller (Section 10.4).
Your lawyer will also review any outstanding contract obligations, ensuring the property will be in substantially the same condition as when the contract was accepted (Clause 2.4).
4. What to Expect on Your Lawyer’s Bill
Closing costs will vary, but here’s what’s typically included:
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Legal Fees – For preparing and registering documents, coordinating with the seller’s lawyer, and handling trust funds.
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Land Titles Registration Fees – For registering the property in your name and the mortgage on title.
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Title Insurance – If required by your lender or chosen for extra protection.
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Adjustments – Prorated property taxes, utility payments, or homeowner association fees (Section 10.4).
5. The Final Stretch to Possession
Here’s what happens behind the scenes in the days leading to closing:
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Funds Transfer – Your down payment and lender’s mortgage funds arrive in your lawyer’s trust account.
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Document Exchange – The buyer’s and seller’s lawyers swap signed documents and funds under the agreed trust conditions (Section 10.1).
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Title Registration – The Land Titles Office registers the transfer.
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Key Release – If all is in order, you get your keys at 12 noon on Completion Day (Section 2.3). Keep in mind, this is the contractual earliest possible time for possession—not the exact moment you’ll be walking through the door. Your lawyer must first communicate the official “release” to the seller’s lawyer, who then informs the seller’s agent. The seller’s agent will confirm with us, and only then can we arrange for key pickup. In most cases, this means we’ll meet you at your new home in the early afternoon—if all goes smoothly, it’s usually just a short wait before your real estate adventure’s next chapter begins.
ARIVL Tip: Keep Your Compass Handy
In any adventure, timing and preparation matter. Respond quickly to your lawyer’s requests for documents or payments—this ensures your possession date stays on track and you can start the next chapter in your new home without detours.
At ARIVL, we don’t just hand you a map and wish you luck—we walk the trail with you, every step of the way. Whether you’re buying your first home, upgrading, or investing, our team is here to make sure your real estate adventure ends exactly where you dreamed it would.
ARIVL: Your Real Estate Adventure Awaits!