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Ontario|Real Estate LawBuying A Home 400 When can you move in? Under normal circumstances, purchasers can move into their newly purchased homes on the closing day of the transaction. The closing date will be agreed to by both the buyer and the seller and will be set out in the Agreement of Purchase and Sale. On the closing day, the purchaser will pay the remaining balance of the purchase price in exchange for the deed to the property and, usually, the keys to the home.
The closing of the transaction will normally take place at the local land registry office to allow the buyer's lawyer an opportunity to conduct one final search on title to ensure that nothing new has been filed against the property. The buyer and seller will each need to meet with their lawyers before the closing date to complete the necessary paperwork. On the closing date, the lawyers will not be able to transfer the ownership until the purchaser's lawyer receives the funds to pay the balance of the purchase price. Sometimes funds will be available for the lawyer to pick up from a mortgage company or a bank early in the morning, but it is often mid afternoon or later when the funds are received and the transaction can be completed.
Sellers also often move their belongings out on the actual closing date, and may not be done until late in the day. Accordingly, purchasers should not expect to move into the new home early in the morning. Once the closing has taken place, most buyers are able to move in at some point in the afternoon. In most circumstances, your lawyer will be able to let you know in advance when your purchase or sale is likely to be completed.
For purchasers of newly built homes, delays and extensions can often arise for a number of reasons. In these circumstances, the builder will usually have a right to periodically extend the closing date. For information about the special considerations when buying a newly built home, refer to other sections of Legal Line .
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