Ottawa House Buyers | Ottawa House Sellers | What Happens On Home Closing Day At The Lawyers Office?


Jerry speaks: Hello in today’s episode we
are here with Julian Hutchinson, and with (Tom Speaks) Tomasz Witek with Your Choice
Realty Corp. (Jerry speaks) And what is that you do? (Julian speaks) I am a real estate lawyer
in Ottawa, I specialize in residential and commercial, but also engage in a niche market,
as environmental scientist and lawyer, (Jerry speaks) and Tom what is it that you do? (Tom speaks) I work in real estate, I help
buyers and sellers, get their properties…(Jerry speaks) and myself I am a mortgage agent with
Invis, and today we are talking about what we could do to speed up your closings. (Julian speaks) Yeah, so today i want to talk
about what happens on closing day, quite often, usually I meet clients 5 days before closing,
to get their legal documents signed, and the first question I get is well when do I get
my keys? Always! So, what I tell my clients is, plan to receive
your keys after 2 o’clock, sometimes closer to 4, if I can get it sooner, surprise you
get your home at 12. but what I would like to mention quickly is
what happens at closing, so on the day of closing, depending who the lender is, I will
get a fax or an email, from the lender, usually when I get to the office, the funds, the mortgage
funds have been transferred into my trust account, so those funds are approved once
the buyer walks in, make up what the purchase price would be, exactly…precisely…and
once I can verify that these funds are in my trust account, I will then prepare my certified
cheque, or bank draft, depending on what the lawyer on the other side wants, whether it
will be for the full amount or paying off the mortgage, and the balance will remain
in the trust, I will then go to my bank and get these cheques prepared, then come back
to my office, and I put back together documents that the client would have signed, and then
I send off those to the other side, (this is on purchase side of things)
I usually like to get these off to the lawyer by 11am, 12 o’clock at the latest, and if
I can do that, i get back the documents at 1, usually by 1:30 or 12 o’clock, if there
is no mortgage these things happen faster, I can get by 9 o’clock and usually things
are done by 12 and the transaction is closed. If however, ……….sometimes we get the
funds later on during the day, depending when we get these funds, i get my cheques, so those
are usually major issues. (Tom speaks) so let me ask you a question:
so on that day, in terms of time frame, how long would it take to actually do these things
that you do for your clients? In terms of getting everybody in line, and
producing all of the cheques, sending the cheques, to a lender for example, to pay off
the mortgage, what’s the time frame? (Julian speaks) Well it all depends on, the
first factor is how many closings will have that day, if i have, if i have, 4 or 5 closings,
2 more purchases and 3 sales, then you might have to balance your time a little bit more
wisely, I plan to minimize the back trips that I have, because more times I have to
get back the less time I can spend on it. (Jerry speaks) Is there a certain time of
the week that is better off for closings? (Julian speaks) …..personally I find mid-week. mid-week…is better for closing…mainly
because everybody else wants to close on Friday. (Jerry Speaks) A lot more faster mid-week. (Julian speaks) A lot more faster if you close
mid-week, and I always tell clients, if you are going to..if you are going to close mid
week, that’s great, don’t plan on booking a mover, earliest I would say is 3 o’clock,
probably 4, everybody wants to get in early in the morning, because they’re super-excited,
but don’t plan for that to happen, because last thing you want to happen is pay your
movers the entire day, and they are sitting down, because you didn’t get the keys. (Tom speaks) How hard is it for you to organize
to …to do 2 properties, for example, seller is selling their home, and buying and closing
in the same day,? (Julian speaks) It’s reasonably straightforward,
again it’s dependent on who the lenders are, depending if there is a mortgage we are payoff,
but more than that is often dependent on communication between the two lawyers, what will happen
is, i will send lawyer X, by the way, please note that on December 21st my client is buying
and selling on the same day, I give them a heads up, that i need your documents, as early
as possible. (Tom speaks) I usually send and email to both
lawyers, when I get this kind of a deal, …..that’s perfect…..to make it…..communication…remind
them, you know, reminder to the secretary, remainder to the lawyer, to make things smooth,
absolutely, it’s communication, communication because that way they know that I can’t get
my cheques to my purchaser until I get your cheque. So the quicker you can get that going the
better, but I always like to get these things done well in advance, this is more important
to be successful at closings….the quicker I can get these things at the door, the faster
i can get the purchaser’s funds. (Tom speaks) so that’s excellent answers…. (Jerry speaks) great information about buying
and selling and closing on the same day. (Tom speaks) Thank you Julian for coming,
thank you, we appreciate it. You welcome, have a great day! Thanks. Thank you.

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