In Real Estate, nothing is set in stone until the conditions are removed and the deal is firm. Once an offer has been accepted, there will still be a number of items and responsibilities to take care of before the transaction can be finalized.

As a buyer or seller, the closing process can feel daunting – especially if you’ve never experienced it before. We’re here to help ease some of these nerves.

As top Calgary Real Estate agents, we know the process of buying and selling homes inside and out. In this blog, we’ll look at how closing works in Real Estate and how long it takes to close on a house in Calgary.

What Does Closing Mean?

Let’s say you’ve just accepted an offer on your home. You won’t be handing the keys over to the buyer right then and there. There are still details to be sorted out and work to be done.

The process of wrapping up a Real Estate transaction is called closing. It’s when all the conditions are verified and all the legal and financial boxes get checked.

Sound complicated? Don’t worry. Most of the closing process will be handled by your Real Estate Agent and your lawyer. If you’re buying a home, your mortgage lender will also be involved.

How Long Does it Take to Close on a House After an Offer is Accepted?

So, how long does closing actually take? Well, it’s certainly not an overnight process. Remember, there’s a lot that happens between an offer being accepted and the seller handing over the keys to the house.

There are a few ways to look at the timeline for closing on a house. Depending on who you ask, the closing process may begin on the day the buyer’s offer has been accepted, and the home becomes conditionally sold. Or, it may start once all the conditions of the offer have been satisfied.

Either way, it usually takes at least 30 days to close on a house (from when the offer is accepted). This may sound like a long time, but it will go by fast – especially as you start packing and preparing for your move.

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What is Closing Day?

Even though closing can take several weeks, it’s by no means done haphazardly. To keep the process on track, the buyer and seller will agree on a specific closing deadline when signing the purchase agreement. This is known as the closing date or closing day.

Closing day is a big day. From the buyer and buyer’s agent, lawyer, and mortgage provider to the seller, their Realtor and lawyer, all hands are on deck to ensure the transaction gets wrapped up nicely.

Once all the necessary steps are taken, ownership of the home is officially transferred from one person to the other.

What’s the Typical Closing Date on a House?

Given that every home sale has its unique set of variables, the average closing time on a house in Calgary can vary. That said, closing dates are typically around 30 to 60 days from when the offer is first accepted. However, they can be longer or shorter depending on the needs of the buyer or seller. Your closing date will be outlined in your purchase or sale agreement.

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What Happens on Closing Day?

Most of the closing process takes place on closing day. Here’s a closer look.

The Buyer Performs a Final Walkthrough

Closing day usually starts with the buyer (and their agent) performing a front-to-back walkthrough of the property. This is not intended to be a formal inspection; rather, it’s a chance for the buyer to confirm that the house is in the expected condition and that any stipulated repairs or changes outlined in the purchase have been made before money is transferred to the seller’s lawyer.

Payment is Transferred

Once the buyer has confirmed the condition of the property, the payment process is initiated.

Typically, the mortgage provider will send the loan amount to the buyer’s lawyer. Once the buyer’s lawyer has received the funds, they will then transfer them to the seller’s lawyer.

Important Documents Are Signed

Once the seller’s lawyer has received payment for the home, the property can officially be transferred to the buyer. As you may expect, this involves a substantial amount of documentation and paperwork. As soon as the property is formally registered to the buyer and the title has been transferred, the seller’s agent or lawyer will hand over the keys.

Work With Dolce Group

Whether you’re buying a house or selling one, the most important part of your move is the real estate agent you choose to work with. That’s where we come in – Dolce Real Estate Group. Our experience and unrivalled knowledge of Calgary’s housing market can help you sell for top dollar and find a great home for your next chapter.

Buying or Selling in Calgary? We can help! Call 403.999.5882 to get in touch – or send us an email at info@dolcerealestate.ca.

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