“Closing Day” Terminology You Need To Know

Closing day is an exciting time. After all, you’re moving into your new home!

­

­

­

­

However, it can be stressful as well. The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

­

•Disbursements
. This is the allocation of funds to the appropriate
parties, such as the seller. Your lawyer will take care of this for you.

­

•Possession
. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your REALTOR® or lawyer hands you the keys.

­

•Title
. This is a legal document that identifies the property and its owner.

­

•Closing costs
. These are expenses, excluding the selling cost of the
property, that are due on closing day, such as legal fees, reimbursement
for pre-paid utilities, utility deposits, insurance, and taxes.

­

•Closing adjustments.
These are expenses pre-paid by the seller that need to be reimbursed on closing.
There may be other terms you come across on closing day as well.

­

Don’t worry, a great REALTOR® can help make the day go smoothly or you and your family.


Looking for a great REALTOR®­ Call today.

Karen Girard-Smith­ REALTOR® SRES®
Century 21 Bachman & Associates

Mobile: 204 232 7248­

Email: karen.girardsmith@century21.ca

www.karengirard-smith.com

Karen Girard-Smith

Karen Girard-Smith

REALTOR®
CENTURY 21 Bachman & Associates
Contact Me

Blog Archives

Tags