Your Conditions Are Removed. What Happens Between Now and Completion Day?

Once your purchase is firm and your conditions have been removed, you should choose your lawyer or notary as soon as possible. Once the purchase contract is in, the legal office can start getting the file set up, contacting you and booking your signing appointment.

They will ask for your full legal name, job title, phone number, email address and other information they need to prepare the file. For a purchase, they will also require your SIN, and first-time home buyers will need to provide their previous two years of address history. They will also need details for the realtor and mortgage broker involved in the transaction, along with any identification or client information records required for the file.

Getting that information collected early means there is less to chase down once the lender’s mortgage instructions and final closing documents arrive.

Your lender will generally require confirmation that the property is properly insured before the mortgage funds are released, so this is another thing I wouldn’t leave until the last minute. Your insurance company may need information about the property, and sometimes there are questions that take a little time to sort out.

If you’re buying a strata property, the insurance piece is a little different because the strata corporation also carries insurance on the building and common property. You’ll still need to arrange the coverage required for your own unit and belongings.

This is one of the most common questions buyers have before their signing appointment: How much do we need to bring in?

Your lawyer or notary may refer to this as your amount to complete or draft to complete. They usually can’t give you that final number as soon as they receive the purchase contract because it depends on more than the purchase price, mortgage and deposit.

Before the final amount can be calculated, the legal office needs the information and documents that apply to your transaction. This can include the conveyance information from the real estate offices, mortgage instructions, insurance information, title insurance and, for a strata purchase, the applicable strata information.

Once everything is in, your lawyer or notary can prepare the final numbers. The amount to complete is typically available closer to completion and, where possible, before your signing appointment so you know how much you need to bring in.

Your final amount may include your remaining down payment, lawyer or notary fees, Property Transfer Tax if it applies, property tax adjustments, strata adjustments and other closing costs. If you’re still in the planning stage, my Closing Costs Planner can help you estimate some of these costs ahead of time, but the legal office will provide the final amount required for your actual completion.

A strata purchase can involve a few more documents on the legal side. The Form B and Form F may be part of the closing process, along with the purchase contract and mortgage documents.

Your lawyer or notary will review what is needed and make sure anything that has to be dealt with before ownership changes hands is addressed.

Even with a well-organized file, not every final number is available weeks ahead of time. If you’re selling another property as part of the purchase, the payout statement for that mortgage may not arrive until only a few days before completion.

That can make the final stretch feel busy, even when everything is moving exactly as it should.

This one confuses a lot of buyers. Completion day is generally the day the purchase completes financially and legally and ownership of the property transfers. Possession day is when you actually get possession of the home.

Sometimes those dates are the same. Sometimes they aren’t. Your Contract of Purchase and Sale will show both dates, so make sure you know which one is which before arranging movers or planning when you’ll get your keys.

Where possible, it can be helpful to leave a little room between completion and possession rather than scheduling everything for the same day. That can take some pressure off if anything takes longer than expected.

Mostly, stay available and don’t create surprises. Watch your email, respond to document requests, keep your closing funds accessible, arrange your insurance and book your lawyer or notary appointment when their office contacts you.

If you’re buying a strata property, make sure you also understand any additional strata fees or deposits you may need for completion or your move. And if anything changes financially before completion, tell your mortgage broker.

You’re not supposed to know every step of this process already. Ask questions when something doesn’t make sense.