|What happens on closing day and afterward?|
On the date of closing the lawyer takes the purchasers
money and the mortgage money and puts it into the trust account. She then
draws the appropriate cheques to pay the vendor, the land transfer tax
and the registration charges. She conducts a subsearch to ensure nothing
has been registered against the property since the title search was done,
checks for judgments against purchasers and vendors, delivers the cheques
to the vendor's lawyer and gets back the deed, the keys and other documents
signed by the vendors. The lawyer or his conveyancer then registers the
deed and the mortgage and the transaction is complete. The client picks
up the keys, usually from the lawyer's office, but sometimes they are
left at the registry office with the conveyance and the client picks them
up there. The client can then move in.
The lawyer will send out reporting letters to the client
and bank a couple of weeks after closing and at that point the file is
closed from the purchaser's point of view.