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Frequently Asked Question: Real Estate Law

"I have recently submitted an offer to purchase a property which has been accepted. I would like to arrange for the cleaning of the carpets, for the delivery of my new appliances, for Bell Canada to install my telephone and my mover to move my furniture all on the day of closing. when will I get the keys?"

Under the new Ontario Agreement of Purchase and Sale paragraph #5 sets out as a a matter of contract between the parties when transaction will close and the Purchaser will be given vacant possession. The parties stipulate the date of closing and the latest time on that date when the transaction can close. The purchaser is to be given vacant possession upon completion of the closing unless stipulated otherwise in the Agreement. As a practical matter the Registry and Land Titles Offices in Ontario close at 4:30 P.M. Given this, the Vendor is not obligated to close the transaction or hand over the keys and provide vacant possession earlier than the deadline stipulated in your offer. As a matter of courtesy Vendors and their solicitors will generally attempt to accommodate an early closing but are not obligated to unless required under the offer.

In order to close the transaction your lawyer will generally have you come in to sign the transaction documentation prior to closing. On the morning of closing your lawyer deposits the balance due on closing which you have provided together with mortgage funds which are obtained from your mortgage company in his trust account. These funds are then certified and your file is then sent to the appropriate Registry or Land Titles office where your representative meets with the Vendor's representative to close the transaction. Once the parties exchange keys, Transfer, closing funds, etc., the parties must purchase documentation. Once this has occurred the keys can be released. However, they usually must be couriered from the Registry or Land Titles Office to your lawyer where you can pick them up.

You can see that the above process takes several hours at a minimum and that the process can take considerably longer if the Vendor's lawyers shows up late on the day of closing, if it is a busy day resulting in courier delays and long waits to register or if there are delays in getting your mortgage funds. All of the above must be taken in account in making your arrangements. These items should be discussed with your lawyer at an early stage to minimize delay or inconvenience.

The foregoing offers legal information of general concern and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.