Overview
A property closing involves more than signing an agreement. A lawyer reviews transaction and title information, prepares closing documents, coordinates mortgage and trust funds, and completes title registration.
Early legal involvement can help identify deadlines, financing requirements, title concerns and closing adjustments. The work varies with the property, agreement and financing.
What work does the lawyer usually handle?
Common work includes confirming identity and instructions, reviewing title and transaction documents, coordinating with lenders and opposing counsel, preparing signing documents, calculating funds and completing electronic title registration.
What should a client prepare?
Provide the agreement, financing, identification, marital status, intended ownership and source-of-funds information early. Raise first-time buyer programs, non-residency, tenancies or family-provided funds promptly.
Timing and client preparation
Provide the signed agreement, amendments, lender information, identification, marital status, ownership instructions and source-of-funds information early. Raise tenants, renovations, family-provided funds, non-residency, first-time buyer eligibility, assignments or a short closing as soon as possible.
Early advice is especially important before signing an agreement with unusual conditions, co-ownership, private financing or commercial use.