What do I need to know when I'm ready to close the deal?

Before closing day

• Your lawyer and the buyer's lawyer set up a trust account to receive the proceeds from the sale. They will arrange for payment of any mortgage charges you owe on the property.
  
• After these mortgage charges are paid, you will receive any money you have coming from the sale. You deliver the property deed or transfer documents, mortgage details, and keys to your lawyer.
  
• Your lawyer registers the mortgage and discharges and transfers the deed at the closing. Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.
  
• Your lawyer ensures you receive compensation for any unused portion of prepaid property taxes or utility bills.

After closing day

• Remember, you don't have to pay capital gains taxes on the profit made from the sale of your home.
  
• Remember that your lawyer will arrange for the Realtor's compensation from the proceeds of the sale of your home.