Everyone knows what happens when you decide to make an offer on a house or once it's time to move in, but what happens in between those two things is kind of a mystery, especially when you've never bought condo real estate in Toronto before. So what happens? Well, after you make the offer and before you move in there is a day called closing day that changes everything. If you're wondering what happens on closing day, this article should help clear up the mystery.

Closing day is the day when the property officially changes hands. Before closing day, the London, Ontario homes for sale still belong to the seller and the deal could still fall through. Afterward, it belongs to you and there's no way to wiggle out of it anymore. Therefore if you are having any doubts as to whether or not you actually want to own and live in this property, you have to settle them before closing day. After that it's too late. The seller will have your money and you will have the house and there will be no way to undo the deal. The same principle applies to sellers who aren't sure they want to sell.

Unlike buying a used car, closing day is not as simple as signing a flap of paper and taking it to the registry department. Closing day for a piece of Leaside real estate is actually quite involved and (depending on where you live) can consist of several steps that must be performed in sequence. If you're selling or buying the property yourself, you will be doing all of the errands with the assistance of a real estate lawyer. If you hired a realtor, you can just sit back and wait for your realtor to tell you what to do.

The first thing that will need to happen on closing day is that you will need to get a cheque from the bank for the amount of money you and the seller agreed upon as the price for their Mississauga homes. You will then take this cheque to the seller, who will verify it and then give you the house keys and the property deed in return. You must then take the property deed and your mortgage information down to the courthouse and register it with your municipality. If there are no problems, you can get it done in a single morning.

Depending on where you live, you may choose to be required to close on your Scarborough real estate through escrow. In escrow, you and the seller interact through an intermediary. You bring the money to the escrow agent and he or she brings the keys and deed so that neither of you have to even be in the same room as one another. All escrow does is add a layer of safety and fraud protection to the transaction.