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Your packing boxes are ready. The keys are almost in your hands. But then out of nowhere, you’re asked to provide one last piece of paper. The numbers aren’t adding up anymore, and suddenly, your closing date doesn’t seem like a sure thing. And that is precisely what it’s like during the last 48 hours leading up to closing day in Edmonton.
Although you may have been approved for your mortgage, there are still some steps that need to be taken before your possession day comes around. This is where having an experienced property real estate lawyer in Edmonton on your side becomes critical.
Why the Final 48 Hours Before Closing Matter So Much
Closing is usually the busiest time for real estate transactions, occurring in the final two days prior to closing.
During this stage, the expertise of a real estate lawyer is essential. They help with:
- Document verification
- Confirming mortgage funding with the lender
- Title registration review
- Finalizing the closing statement
- Preventing unforeseen obstacles before possession day
Sometimes, even a small missing document can affect the timing of your real estate closing in Edmonton.
Important Legal Checks a Property Lawyer Handles Before Closing
An experienced lawyer specializing in real estate transactions in Edmonton handles several critical legal tasks prior to the transfer of ownership. Here is how they ensure the final 48 hours before the closing process are safe and hassle-free.
1. Reviewing the Mortgage Instructions from the Lender
Your lawyer will carefully review mortgage instructions sent by your lender within the last 48 hours before your closing date to ensure all loan conditions have been met. Additionally, there are no potential complications with releasing mortgage funds on closing day.
2. Verification of Buyer’s Identity and Signatures
In order to proceed with your Edmonton real estate closing, buyers need to prove their identity and sign numerous legal and mortgage documents. Missing signatures and discrepancies can cause delays, which is why an experienced real estate lawyer checks all necessary documentation before submitting it.
3. Preparing the Statement of Adjustments
The Statement of Adjustments is created to outline what the final closing numbers will be between you and the seller of the home in terms of property taxes, deposits, utility bills, and other prorated expenses. This will help both parties to clearly understand the exact amount due before possession day.
4. Evaluating Title Search Results
The purpose of a title search is to verify ownership of the property and detect any problems that might impact the final transfer. Your lawyer checks for liens, encumbrances, or registration issues that could affect the legal transfer of the property into your name.
5. Analyzing Adjustments in Property Taxes
The taxes associated with property ownership are calculated based on the date of possession, so that both parties contribute equitably to their taxes. Your lawyer evaluates these adjustments to eliminate any errors during the closing of the deal.
6. Coordinating Mortgage Funds Disbursement
Perhaps one of the most crucial tasks to be done before the closing is to ensure that the mortgage funds arrive on time. Your lawyer works directly with the lender to coordinate the transfer of funds so the transaction can proceed smoothly without unnecessary delays on possession day.
7. Registering Documents Through Alberta Land Titles
Upon signing of the documents and receipt of the money,your lawyer submits the transfer and mortgage documents through Alberta Land Titles. This officially registers ownership in the buyer’s name and completes the legal transfer of the property after closing.
A Smooth Closing Starts With the Right Legal Support
At Peter B. Mason Real Estate Lawyers, we work with our clients to ensure that the process of closing is structured, systematic, and organized for you. From reviewing mortgage papers and handling title registration to coordinating funds and final paperwork, we are there every step of the way.
Ready to have an organized closing process for your Edmonton property? Contact us at Peter B. Mason Real Estate Lawyers now and let us help make your closing process smooth from start to finish.
Frequently Asked Questions
What does a property lawyer handle before closing day arrives?
Your lawyer prepares closing documents, confirms mortgage funding, reviews adjustments, and completes the legal transfer process.
Can there be a delay in real estate closing at the very end?
Yes. There could be delays due to funding, paperwork, or title issues.
Why would you need a property lawyer prior to possession day?
A property lawyer helps manage legal documents, funding coordination, and title registration before possession day.