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Closing the Deal

On or before closing day (also known as the Completion Date) lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages you owe on the property. Your lawyer should also make sure that you receive compensation for prepaid expenses such as property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank.

After these are paid, you will receive any profit that you have earned on the sale. At this time, you must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed to the buyer at closing.

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