Real Estate Closing Checklist & Expectations

Real Estate Closing Checklist

When it comes to closing a real estate deal, preparation is key. Whether you're a first-time buyer or an experienced investor, having the necessary documents in place will help streamline the process and avoid delays. Below is a comprehensive checklist to ensure you're fully prepared to start your real estate closing transaction. The three main aspects of closing are:

1. Client Intake Form
2. Mortgage Instructions
3. Closing Documents

To facilitate a smooth closing, all required documents must be in place. However, the most common delay we see is due to waiting on mortgage instructions. Unfortunately, this is often out of the control of the lawyer, agent, broker, or buyer, as it depends on the lender or institution to provide this.

To help keep things on track, we recommend that you fill out the client intake form and submit all closing documents as soon as possible. Please note, though, that the closing can’t proceed without the mortgage instructions. Similarly, if we have received the mortgage instructions but not all the necessary closing documents, this may cause a delay in closing.

1. Client Intake Form

The first step in closing with Deeded is to complete the client intake form. This process takes about 15 minutes and is to provide the required information for all parties  surrounding the transaction including:

• Personal information (name of spouse or other parties,etc)
• Type of property (single-family dwelling, condominium, etc)
• Property details (on municipal water? Does it have a septic tank? etc)
• Lender information

2. Mortgage Instructions Received

Upon receipt of mortgage instructions, we can proceed with the closing stages. A hold-up in receiving mortgage instructions can sometimes cause delays but is ultimately out of our hands and up to the lending institution. You can learn more about mortgage instructions here.‍

3. Closing Documents

We cannot proceed with the closing unless we have the following documents. For the best, and quickest service, please ensure all documents are ready before submitting. if you're having any issues, we're here to help every step of the way.

• New Mortgage Commitment
  • A copy of the new mortgage commitment is essential. We request that you begin preparations and review solicitor conditions for your closing.
• Property Tax Bill
  • Deeded will request an up-to-date property tax bill to confirm taxes are paid up to the date of closing. This document is necessary to meet solicitor conditions.
• Current Mortgage Statements
  • To ensure accuracy when requesting payout for any secured loans, a current mortgage statement for each loan is required.
• Home Insurance Policy
  • Provide an up-to-date home insurance policy that lists the lender as the loss payee. This is a standard requirement for closing.
• Current Debt Statements
  • Deeded will need current debt statements for any debts noted on the mortgage commitment.
  • These statements must show the account holder's name, complete account number, and the most recent balance.
• Identification
  • To prevent mortgage title fraud, two pieces of valid photo identification are requiredsome text
    • Primary ID: Driver's license, passport, or permanent residency card.
    • Secondary ID: Canadian photo ID, Nexus card, or military ID.some text
      • Note: Expired identification will not be accepted.
• Void Cheque
  • A void cheque is necessary for the lender to set up pre-authorized debit for mortgage payments and for any direct deposit of proceeds from the closing.
• Status/Strata Certificate
  • If you're purchasing or refinancing a condominium or parcel of tied land, a Status/Strata Certificate is needed. This certificate can cost between $200-$300 and can take up to 10 days to obtain, so it’s crucial to request it early from the condominium corporation.

If you have any questions along the way, we're always here to help you through every step. Feel free to reach out to us to have a conversation.

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