A few days before the closing date your lawyer will want to meet with you in person or by web conference in order to complete your closing documents, including the Deed conveying the property to the Buyer, a certificate confirming there is no HST to be added to the sale price, along with other closing documents.
If your property is a used residential property, one of the closing documents will be an HST certificate, which you will sign certifying that the sale is exempt from HST within the meaning of the Excise Tax Act. If your property falls outside of the exemption this should have been noted in your Agreement and your lawyer will discuss this with you.
At this meeting, your lawyer will also go over how much money you can expect to receive after all closing costs are paid out. If your mortgage is not at the maturity date at the time of closing, the lender will usually charge a pre-payment penalty. Sometimes penalties can be refunded by the bank when you are also buying a property and using the same lender. The lender also charges an administrative fee ranging from $250-$400 for preparing and signing the discharge of mortgage.
