Finalizing the sale

Buyers typically conduct a final walkthrough of your property with their agent between 24 and 48 hours in advance of the closing date. Usually, it is arranged by the buyer’s agent with your agent to confirm that the property is in the agreed-upon condition, with all the fixtures and appliances included in the sale.

The closing date, also known as possession day, is the agreed-upon date when the transfer of ownership is finalized between you and the buyer and the final paperwork is signed. It includes vacating the property and handing the keys to the buyer.

There are some other factors that could affect you once you have a firm agreement, including:

• Fulfilling agreed-upon repairs with the buyer.
• Cancelling of utilities and home insurance.
• Navigating capital gains tax implications.

Talk to your real estate agent about other factors that should be considered when selling your property.

Learn more:
Electric utilities and distribution companies
Capital gains tax

Your lawyer will ensure your sale is legally sound and handle all the legal paperwork, including: 

• Reviewing the agreement of purchase and sale (sometimes referred to as an APS).
• Conducting a title search to ensure you have clear ownership of your property.
• Preparing and reviewing the closing documents (i.e., transfer of title, statement of adjustments, mortgage discharge statement, brokerage commission, property tax settlement, and compliance with legal and financial obligations).
• Assisting with any disputes or claims that arise after closing (e.g., undisclosed defects).
• Providing you with a final closing report and financial breakdown.