Closing your transaction is a process during which all of the legal and financial obligations set out in the Offer of Purchase and Sale will be met. A good condo lawyer will keep you informed of the steps involved, but here is a brief overview of what you can expect:

1. The accepted and executed Agreement of Purchase and Sale is sent to your lawyer. He/she will examine the Agreement and set up your file (noting the “conditions”, closing, etc.).

2. The conditions are waived (an actual document “waiver” is signed by both parties to the agreement acknowledging that the clause has been “waived”).

3. Your lawyer analyzes the Status Certificate and then authorizes us to “waive” the “Condition on Status Certificate”.

4. Your lawyer (notary) searches the title. This ensures that the vendor does have a clear title to the condo and that you can purchase it without legal problems.

5. Check the taxes and for liens. Your lawyer will also check into government regulations and other legal issues.

6. Mortgage details are finalized. Your lawyer and/or lender will complete your mortgage documents.

7. Arrange the move in elevator through the concierge or management company.

8. Arrange for the utilities (hydro if not included in the maintenance, cable t.v, telephone.

9. Closing. Your lawyer will prepare the Statement of Adjustment, which will confirm the selling price, the amount you have to pay the vendor, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to your lawyer “in trust” as well as a payment to him/her for closing costs.