18) Closing Day

Legal Ownership & Keys

Closings in Alberta typically happen around noon (much earlier than Ontario). On closing day, your lawyer receives your Mortgage Funds from your lender and will transfer the Balance of Funds to the developer.

Title will be registered in the names of the buyers at the Alberta Land Title Registration Office and your lawyers will send you the certificates in 3 to 6 months- congratulations, you are now the legal owner!

Two sets of keys are usually provided on the closing day (usually after the possession walkthrough is completed). You can pick the keys up yourself or designed someone like a property manager to collect them for you - see sample Key Release Form.

Note: If you are in a Rental Guarantee there is no key exchange because the developer handles the rental of the unit and will distribute the keys as needed.