The buyer will sign a variety of documents prepared by their notary or lawyer relating to the mortgage loan, and the purchase of the home.The process can vary from province to province, but in British Columbia the following are essentially the steps for what happens on closing day when buying a house: What Happens on Closing Day When Buying a House? This process is managed by the seller’s legal representative & buyer’s legal representative however your mortgage broker, realtor, realtor’s brokerage for both parties will also actively be involved in providing the notary or lawyer with proper documentation and mortgage loan funds so that they can prepare the statement of adjustments to come up with the final closing numbers. Ultimately, this means that the buyer will be signing and reviewing documents prepared by the notary or lawyer with regards to their mortgage loan, down payment, closing costs & purchase price, and the property title and ownership gets transferred from the seller to the new buyer. Simply, this can be seen as the “money day” for the buyers, as they will be required to bring the remaining funds calculated by the notary or lawyer to be able to close on the property and successfully transfer title. The term closing day in real estate is also synonymous with completion day in BC.
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