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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2014-06-26, 02:46 PM
royc royc is offline
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Default How to do the payment on closing day?

Hi all,

Our closing date is July 23rd, which is less than a month away. So I was wondering how to do the payment to our lawyer. Currently, our balance of downpayment will come from two sources: RRSP and bank account. These are in two different banks. So do I have to go to these two banks, show them my purchase agreement, and ask them to issue a check? How does it work exactly? They have to know my balance downpayment remaining (after installments), financial company from where I took my mortgage, etc. Thanks.
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Old 2014-06-26, 10:14 PM
London2Ottawa London2Ottawa is offline
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We got a cheque from the bank (no RRSP). I did need to give a days notice. Mortgage cheque was sent straight to the lawyer from the bank.

Your lawyer should confirm name for the cheque(s) and date they require them for.
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Last edited by London2Ottawa; 2014-06-26 at 10:19 PM.
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Old 2014-06-26, 10:39 PM
WellThatsLovely WellThatsLovely is offline
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You have to sign a direction for your lawyer who will do all the running around for you on the date of closing. Normally they have a checklist that they go through with you and ask you where all the funds are coming from and they will act as your agent to arrange the funds and the mortgage.
Don't be surprised when there are hiccups on the date of closing and they have trouble accessing the funds until 5 minutes before the bank closes. For some reason that's normal
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Old 2014-06-27, 07:51 AM
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BrianT BrianT is offline
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It's been a few years but I recall my lawyer phoning me a few days before advising me to get a certified cheque done up with x amount on it and to bring it to him. I also signed all the paperwork when I brought him the cheque. On closing day, his admin just gave me the keys, didn't even see him.
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Old 2014-06-27, 09:24 AM
royc royc is offline
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Thanks for the replies everyone. I will contact my lawyer and ask him to arrange a session on the steps going forward.
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