Closing Day 101: A Complete Guide for Buyers & Sellers

Closing day is the grand finale of your real estate journey—whether you’re buying a new home or selling one, this is the day everything becomes official! But what exactly happens on closing day? And how can both buyers and sellers prepare to make it smooth and stress-free? Let’s break it down.

For Buyers: What to Expect on Closing Day

1. Final Walkthrough - Before signing on the dotted line, you’ll typically get a final walkthrough of the home. This is your chance to ensure everything is in the agreed-upon condition—no unexpected damages, and any negotiated repairs are completed. I prefer to do the walkthrough 24-28 hours before possession, as this gives us time to work out any issues with the home.

2. Signing the Legal Documents - You'll meet with your real estate lawyer or have a phone call to sign the mortgage paperwork and legal documents that transfer ownership of the home to you. Your lawyer will also ensure the funds are in place and that the property title is correctly transferred to your name.

3. Transferring Funds - Your lender will transfer the mortgage funds to your lawyer, who then sends them to the seller’s lawyer. If you’re paying a down payment, this is when you’ll finalize that as well.

4. Getting the Keys! - Once all paperwork is signed and the funds have cleared, you’ll receive the keys to your new home—congrats, you’re officially a homeowner!

For Sellers: What to Expect on Closing Day

1. Final Walkthrough by the Buyer - Buyers typically do a last-minute walkthrough of your home to make sure everything is as expected. Ensure the home is clean and any agreed-upon repairs are completed to avoid any last-minute issues.

2. Meeting with Your Lawyer - Your real estate lawyer will have you sign the paperwork to transfer ownership of the home to the buyer. They’ll also handle the financials, ensuring any outstanding mortgage balance, liens, or fees (like real estate commissions) are taken care of.

3. Receiving the Sale Proceeds - Once all documents are signed and the buyer’s funds are received, your lawyer will deposit the net proceeds of the sale into your account. This typically happens on the same day or within 24 hours.

4. Handing Over the Keys - Once the transaction is complete, you’ll hand over the keys (and any necessary documents like appliance manuals or warranties - don't forget the mail keys and mailbox number!) to the buyer’s agent. At this point, your role in the sale is officially done! Woo!

   
   

   Tips for a Smooth Closing
   

   • For Buyers: Be available in case your lawyer or real estate agent needs to reach you for last-minute paperwork or confirmations. Have your ID and any required funds ready to go.

   • For Sellers: Leave your home clean and in good condition for the new owners. Double-check that utilities and services are scheduled to transfer or be canceled.

   • For Everyone: Stay flexible! Sometimes, delays happen due to banking processes or legal paperwork. Having a little patience will go a long way.

   
   

   Final Thoughts

   
   

   Closing day is an exciting milestone, whether you're stepping into your new home or wrapping up the sale of your old one. With the right preparation and a great real estate team by your side, you’ll be able to navigate the day with confidence.

   Thinking about buying or selling in Calgary? Let’s chat—I’d love to help guide you through the process and make sure your closing day is smooth and stress-free!