Step 26 to Buying A Home: Pick Up Your Keys – It’s Closing Time!

The Waiting Game begins! The closing time can be as early as 11 AM up to 6 PM on the same day. If takes 2-3 hours from the time the lawyer receive funds from the bank to the time you’re officially closed.If we’re your Realtors, we will update you every step of the way.

Once it’s closed, the lawyer will update you and of course, we will let you know as well. The lawyer will instruct you where to pick up the keys. Sometimes it’s at the lawyer’s office, your lawyer’s office or at the property in the lockbox. If you use our recommended lawyers, we will advise the lawyer to have it arranged to be picked up at the property so you don’t have to rush.
If you bought a condo, as soon as you get the lawyer’s report, you can update the condo management and register your property and parking. In most cases, the FOBs are returned by the owner to the management so they can issue you a new one registered to your name. If you haven’t filled in the paper works that the condo requires for new owners, this is the time to do so. Please bring your cheque book or VOID cheque so they can set up how to pull the condo fee. This is normally taken from your bank every 1st of the month.

If you bought a freehold, then time to celebrate! Once you got your keys, the first thing you have to do is to check that all appliances and equipment are working. You have until midnight to let us know if they are not working so we can send it to your lawyer. Take a photo and video of what’s happening so your lawyer can send it to the seller’s lawyer and they can find a resolution to the issue as soon as necessary.