Closing or Possession Day

Closing Day is the day you officially own your new home. Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.

There is no standard method for closing, but most often in Alberta, buyers and sellers complete the process through separate, individual appointments with their lawyer. Your Royal LePage Foothills Real Estate Associate will tell you what is customary and help lead you through the process. He/she can also provide you with a list of reputable real estate lawyers in Calgary and surrounding communities to complete the transaction.

Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque or bank draft to cover closing costs and any other outstanding costs.

Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.

Congratulations! You've just bought a home!

Costs

When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay. Some of the most common expenses are listed below:

Mortgage application and appraisal fee (at time of application)
House Inspection (optional - at time of application)
Legal Fees
Legal Disbursements
Deed and/or Mortgage Registration
Property Survey or Real Property Report (usually provided by the seller)
Property Tax Adjustments
Mortgage Insurance
Title Insurance