Closing Day, also referred to as Completion Day, is a significant milestone in the process of buying a house. It’s the day when ownership of the property is transferred from the seller to the buyer. As a homebuyer, understanding what happens on closing day and how to prepare for it is essential. In this blog, we will delve into the details of the real estate closing day and provide valuable insights to ensure a seamless and successful property transfer.


Closing or Completion Day Definition:

In real estate, the terms “closing day” and “completion day” are often used interchangeably. The closing day is the culmination of the home buying process, where the buyer brings the remaining funds required to close the deal and transfer the property’s title from the seller. It involves signing and reviewing various documents prepared by the notary or lawyer, such as those pertaining to the mortgage loan, down payment, closing costs, purchase price, and ownership transfer.

What Happens on Closing Day When Buying a House?

While the specifics of the closing day may vary from province to province, here are the fundamental steps involved in the closing day when buying a house in British Columbia:

  1. Document Signing: The buyer will sign documents related to the mortgage loan and the home purchase, prepared by their notary or lawyer.
  2. Funds for Closing: The buyer will receive the amount required to complete the purchase, including the remaining down payment, and closing costs. They must provide a wire transfer with the closing amount to the notary or lawyer to finalize the transaction.
  3. Title Transfer: After confirming the receipt of all necessary funds, the notary or lawyer will register the purchase with the Land Title Office, officially transferring the property’s ownership to the new buyer.
  4. Seller Proceeds: Once the seller’s mortgage balance and closing costs (e.g., commission, lawyer fees) are settled, they will receive the proceeds from the sale.

The notary or lawyer may have all the documents and final numbers prepared a few days before the closing day. The lawyer will arrange a pre-closing appointment for the buyer to sign the documents and provide the wire transfer, ensuring a smooth transfer of title before the official closing day.


Preparing for Closing Day:

To ensure a successful closing day, thorough preparation is key. Here are some essential steps to take:

  1. Costs of Closing on a House: Gain a clear understanding of the total funds required to complete the purchase. Consult your mortgage broker and lawyer well in advance to discuss the statement of adjustments, which outlines all costs involved (e.g., down payment, closing costs, property transfer tax, legal fees).
  2. Ready Your Down Payment Funds: If you’re using funds from your RRSP or receiving money as a gift, inform your bank representative or mortgage broker in advance to ensure availability. Discuss any requirements for the funds to be considered toward your down payment.
  3. Review Your Contract: Refresh your memory on the terms of your contract, including what items the seller should leave behind and any agreed-upon closing conditions. Cross-reference the contract with your current inspection to ensure no unexpected changes have occurred.
  4. Complete Your Final Walk-Through: Schedule a pre-closing inspection with the seller to verify that all appliances, heating, plumbing, and electrical systems are in working order. Address any issues or necessary repairs with the seller and inform your lawyer or notary accordingly.
  5. Meet with Your Lawyer: Arrange a meeting with your lawyer or notary approximately 1-4 days before closing. They will prepare a statement of adjustments and guide you through the signing process. Plan your schedule accordingly to allocate enough time for the meeting and bring the necessary documents and funds.


Closing Problems to Avoid:

To minimize potential delays or complications, here are a few things to avoid:

  1. End of Month or Week Closing: Try to schedule your closing day away from the end of the month or week. This prevents potential issues from arising and provides more time to resolve any problems. Closing on a Friday may result in delays as this is a busy day for many people buying and selling property.
  2. Satisfy Appraisal Requirements: Ensure that your mortgage broker has satisfied the lender’s appraisal requirements well in advance. If an updated appraisal is needed, arrange for it during the subject removal period to confirm the property’s value aligns with the agreed-upon price.
  3. Arrange Home Insurance: Obtain home insurance coverage before closing day, as lenders often require it. Research insurance options in advance, considering factors such as property type (detached or strata) and potentially higher premiums for older homes or specific risks.


Moving in After Closing Day:

Once the closing process is complete, it’s time to prepare for the possession day and move into your new home. Here’s what you need to consider:

  1. Organize Your Move-In Date: Refer to your purchase contract to determine the possession date and time specified. Coordinate with your movers well in advance to secure their availability.
  2. Plan for Overlap (If Selling and Buying Simultaneously): If you’re simultaneously selling your current home and purchasing a new one, carefully coordinate the dates. Consider completing the purchase before the sale to avoid a rushed move. If needed, consult with your bank about a bridge loan to bridge the gap between the two transactions.
  3. Take Precautions During the Move: If you need to vacate your current home before the possession date of your new home, arrange for temporary accommodation and storage facilities. Ensure you comply with building regulations, such as providing notice to a strata property and adhering to move-in/move-out hours.



Closing day is a significant event in the real estate journey. By understanding the process and adequately preparing for it, you can ensure a smooth transition into homeownership. From reviewing contracts to coordinating move-in logistics, each step plays a vital role in achieving a successful closing. With careful planning and the guidance of your realtor and legal representatives, you’ll be well-prepared to navigate the closing day with confidence.