16) Funds Transfer
Your Closing Balance
About a week before closing, your lawyer will provide you with the Statement of Adjustments and Trust Ledger with a total required to finalize your purchase that includes the extra down-payment you must provide and all of the closing costs.
If you need to sell other investments or transfer funds into your account, make sure this is ready at least a week before your closing so that there is enough time for funds to clear and be released.
Wire transfer is typically the only method accepted to transfer your closing balance.
WARNING
Many companies like Tangerine, Simplii Financial and EQ Bank cannot do wire transfers, so to be safe, make sure funds are in an account with RBC, TD, Scotia, BMO or CIBC and ready to be wired because funds can take up to 5 business days to clear!
