Cheers, it’s closing time!

I’ve never thought the term “closing” did justice to that incredible day when buyers finally take possession of their new home. It’s the culmination of months of planning and waiting, and your excitement will be practically at a fever pitch. Considering this is the day you’re handed the key to your front door, “opening” seems a more appropriate word for it.

Of course, the term actually refers to “closing” the deal. Technically, it’s the process whereby the title of the property will be transferred to your name, and the mortgage will be transferred from your lender to the builder. These are among the duties of your real estate lawyer, with whom you’ll meet on closing day.

These meetings often take place in the afternoon, and it’s more than likely you have spent the morning doing last-minute packing. While your head is buzzing with all there is to do, you’ll be asked to sign on the dotted line – many times. You’ll be signing mortgage and title documents, each of which will be carefully explained by your lawyer.

Come prepared with personal I.D. and your cheque book, as well as bank drafts or certified cheques to cover various closing costs. (Your lawyer will have given you specific instructions.) I’ve talked about additional fees in detail before, but here, briefly, are some fees you may be expected to pay upon closing:

Legal fees; school levies; utility connections; Land Transfer Tax (part or all of which may be rebated); and the Tarion Warranty Corporation fee (which is often included in your home’s price, but sometimes paid upon closing). You may have already given funds to your lawyer in trust, in which case you’ll receive an itemized list of the fees paid.

The closing process is slightly more complicated for buyers of new condos, in that there are actually two different closing dates: The occupancy closing date, or “interim closing”, which marks the day that you may move in; and the final closing date, which is the day that the title is officially transferred to you – typically several months after interim closing. This delay occurs because the condo building must be inspected and registered by the municipality before titles can be transferred.

The last piece of official business is the best: Opening your palm to receive your keys from your lawyer or builder’s representative. Jingling never sounded so good.