What Actually Happens on Closing Day? (For Buyers)
Reading Time: 4 minutes
A smooth closing day comes down to clear communication, timely mortgage funding, and a legal team that keeps everyone in the loop—so you can manage client expectations and avoid last-minute surprises.
As Realtors, you know the excitement (and chaos) of closing day as well as anyone.
But ever wonder what’s actually happening behind the scenes on our end?
Let me break down what our day looks like from the buying side...
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By the time closing day arrives, most of the preparation on the file is done. We’ve already:
âś… Finalized the Statement of Adjustments with the seller
âś… Prepared closing documents as per the APS
âś… Reviewed mortgage instructions
âś… Executed closing documents with the client
âś… Secured a title insurance policy
✅ Verified the client’s insurance binder
âś… Requested funds from the lender
âś… Confirmed financials with the client
âś… Collected the client's closing funds in trust
Now, here’s what we actually do on closing day:
- Perform Writ Searches – We conduct final checks to confirm there are no outstanding judgments against the buyer or seller that could affect the transaction.
- Obtain & Review Vendor’s Closing Package – We review the seller’s lawyer’s closing documents to ensure everything aligns with the Agreement of Purchase and Sale.
- Receive Mortgage Funds – If the buyer has financing, we wait for the lender to release the mortgage funds. This is the most common cause of closing delays.
- Wire Funds to Vendor’s Lawyer – Once we receive funds, we send the balance of the purchase price to the seller’s lawyer in accordance with the Statement of Adjustments.
- Send Purchaser’s Closing Certificate & Wire Confirmation – This confirms to the seller’s lawyer that the necessary funds have been transferred and we are ready to close.
- Sign, Release & Register – We finalize the legal transfer of ownership and register the buyer’s title and mortgage with the land registry office.
- Confirm Closing & Provide Lockbox Code – We notify the buyer that their purchase is complete and provide key access instructions together with closing day reminders and notes.
- Update the Realtor – We send a final confirmation that the deal is closed. Many firms skip this step—but we like to make sure you know when the deal is officially done.
- Notify the Municipality – We send the necessary documents to update ownership records for property taxes and water accounts.
- Notify the Rental Companies – we take an extra step to inform rental companies (eg. Reliance Water Heater) about the ownership change. This prevents post-closing issues that many firms leave to the client – and by extension you.
- Inform the Condo Corporation – We provide the new owner’s information and ensure their Pre-Authorized Debit (PAD) setup for maintenance fees.
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Why This Matters for You
Understanding what happens on closing day helps you set the right expectations for your buyers. If they’re wondering why their keys aren’t ready at 9 AM, you’ll know it’s usually because the lender hasn’t advanced funds yet. If there’s a delay, you’ll understand where in the process things might be held up.
A smooth closing isn’t just about paperwork—it’s about keeping buyers informed, avoiding last-minute surprises, and making sure the entire transaction stays on track. And when you’re working with a legal team that keeps you in the loop, you’re in the best position to provide a stress-free experience for your clients.
Next time, I’ll break down the closing process from the seller’s side—because yes, it looks a little different.
Got a deal closing soon? Let’s make it a smooth one.
Zachary Soccio-Marandola
Real Estate Lawyer
Direct: (647) 797-6881
Email: zachary@socciomarandola.com
Website: socciomarandola.com
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