What to Expect on Closing Day: A Guide for Sault Ste. Marie Buyers

You’ve found the perfect home, navigated the offer process, and now you’re approaching one of the most exciting moments of your home-buying journey: closing day.

This is when ownership officially transfers to you, making the home yours. While it’s a day to celebrate, it also comes with a few responsibilities to ensure everything goes smoothly.

As someone who has guided many first-time buyers in Sault Ste. Marie through closing, I’ll walk you through what to expect and how to prepare for this important step.

Quick Summary: 6 Steps to Get Ready for Closing Day

  1. Understand Closing Day: Know what happens on the day you officially become a homeowner and why it’s important.

  2. Prepare in Advance: Gather all necessary documents, complete inspections, and confirm your finances before the big day.

  3. Handle Logistics: Coordinate with your real estate agent, lawyer, and mortgage lender to finalize the details.

  4. Plan for Final Payments: Be ready to cover closing costs like legal fees, land transfer taxes, and adjustments.

  5. Know What to Expect: Learn what happens on closing day, like signing documents and receiving your keys.

  6. Address Common Concerns: Get answers to questions like what happens if there’s a delay or how to avoid surprises.

Jump to:

What Is Closing Day?

Closing day is the final step in the home-buying process. It’s the day when:

  • The legal transfer of ownership from the seller to you takes place.
  • Final documents are signed.
  • Funds are exchanged, and you receive the keys to your new home.

Think of it as the finish line, where all the hard work pays off and you officially become a homeowner.

Steps to Prepare for Closing

Review the Purchase Agreement

Before closing day, revisit your purchase agreement. This document outlines the terms of the sale, including:

  • The purchase price.
  • Items included with the home (like appliances or fixtures).
  • The closing date.

Make sure all terms are correct and you can meet them. If anything is unclear, ask your lawyer or realtor for clarification.

Secure a Real Estate Lawyer

In Ontario, a lawyer is essential for closing. Your realtor’s brokerage will send all the paperwork to your lawyer’s office after the conditions have been fulfilled in the agreement of purchase and sale.

Your lawyer will:

  • Review and finalize all legal documents.
  • Register the property in your name.
  • Transfer funds to the seller.

Example: The cost for a lawyer is typically $1,000–$1,500 + HST, but fees may be higher depending on the complexity of the transaction.

Arrange Your Financing

  • Work with your mortgage lender to ensure your mortgage is ready to fund on closing day.
  • Provide any remaining documents the lender and lawyer require, such as updated bank statements or proof of insurance.
  • You will provide the down payment amount and closing costs to the lawyer in a certified cheque. Your lawyer will let you know the exact amount of money for the certified cheque to bring to them when you meet to sign all of the documentation.

Schedule a Final Walkthrough

A few days before closing, you’ll have the chance to do a final walkthrough of the home with your realtor. This is your opportunity to:

  • Confirm that the property is in the agreed-upon condition.
  • Check that any agreed-upon repairs have been completed.
  • Ensure appliances and fixtures included in the sale are still in place.

Example: If a leaky faucet was noted during inspection and agreed to be repaired, verify that it has been fixed.

Handling Logistics Before Closing

Gather Necessary Documents

Ensure you have everything you need for closing day, including:

  • Government-issued photo ID.
  • Proof of homeowner’s insurance.
  • Any documents requested by your lawyer or mortgage lender.

Set Up Utilities

Contact utility providers, as soon as all of the conditions are fulfilled to set up services in your name starting on closing day.

These may include (PUC for inside the Sault and Algoma Power for your electricity if the home is outside of city limits):

Plan Your Move

  • Book a moving company or rental truck well in advance.
  • Schedule your move for the day after closing to avoid potential delays.
  • Have boxes packed and ready to go so you can settle in quickly.

Financial Considerations Before Closing

Understand Closing Costs

As a buyer, you’ll need to budget for closing costs, which typically include:

  • Legal Fees: $1,000–$1,500.
  • Land Transfer Tax: Calculated based on the purchase price of your home. Land Transfer Tax Calculator.
  • Adjustments: Reimbursement to the seller for prepaid property taxes or utilities.

Example: On a $350,000 home, land transfer tax in Ontario would be approximately $3,725.

Land transfer tax (LTT): First-time home buyers receive up to a $4,000 credit for the LTT so it usually covers the entire tax and you don’t have to pay if this is your first home.

Prepare Your Down Payment and Closing Funds

Your lawyer will provide a statement of adjustments outlining exactly how much money you need to bring to closing, which will include:

  • The balance of your down payment.
  • Any additional closing costs.

You will provide your lawyer with a certified cheque with this amount on closing day.

What to Expect on Closing Day

Signing the Final Documents

You’ll meet with your lawyer to sign the final paperwork, including:

  • The Transfer of Title, which officially registers the property in your name.
  • The Mortgage Agreement, finalizing your loan terms.

Transferring Funds

Your lawyer will:

  • Transfer your down payment and mortgage funds to the seller.
  • Ensure all financial obligations, like land transfer tax, are paid.

Getting the Keys

Once everything is finalized, you’ll receive the keys to your new home. Congratulations—you’re officially a homeowner!

Common Concerns and How to Address Them

What If There’s a Delay?

  • Reason: Delays can happen due to financing or document issues.
  • Solution: Stay in touch with your lawyer and realtor to resolve any problems quickly.

What If the Walkthrough Reveals an Issue?

  • Example: If an appliance is missing or repairs weren’t completed, your lawyer can address this with the seller’s lawyer to find a resolution.

How I Support Buyers During Closing

As your realtor, my goal is to make the closing process as smooth and stress-free as possible. Here’s how I help:

  • Clear Guidance: I’ll explain each step and ensure you’re prepared.
  • Coordination: I work closely with your lawyer and lender to keep everything on track.
  • Problem-Solving: If any issues arise, I’ll handle them quickly and advocate for your best interests.

Conclusion

Buying your first home doesn’t have to be stressful—with the right plan and support, it can be an exciting and rewarding experience.

Ready to make your home-buying journey simple and stress-free?

Download your free buyer checklist to guide you through every step—from getting ready to buy to closing day. It’s easy to follow and helps you stay on track so you can feel confident and excited about your journey.

Get your checklist now and take the first step toward your new home!

Hi, I’m Ben, Your Local Sault Ste. Marie Realtor and I’ve Been Where You Are.

Buying your first home is more than just a transaction—it’s an exciting milestone filled with big decisions and dreams for the future.

As someone with deep knowledge of the Sault Ste. Marie market, I’ll help you find the best homes that fit your needs and guide you through every step of the buying process

Ready to take the next step? Let’s find your dream home today!

How It Works

Click the message icon in the bottom right corner to talk to me directly or book a free consultation with me below to discuss your home-buying needs.

I’ll use your checklist to find homes that fit your needs and lifestyle. Together, we’ll view top options and find your perfect home—saving you time and effort.

From offer to closing, I’ll guide you every step of the way so you can feel confident and excited as you step into your new home.

Ready to Get Started?

If you’re ready to take the next step and buy your home in Sault Ste. Marie, book a free buyer consultation today.

We’ll talk about your what you are looking for in a home, the local market, and how to create a plan that helps you buy a home that fits your lifestyle.

If you have a question you want answered right away click the blue message icon in the bottom right corner and send me a direct message or call/text me at 705-255-4227 so I can respond as soon as possible.

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