How Ready Are You for Your Real Estate Closing?

Discover your closing readiness level in just 4 quick questions. This quiz evaluates your understanding of critical closing steps, document preparation, financial planning, and risk awareness. You'll learn exactly what you're missing and receive a personalized action plan to ensure your closing goes smoothly—without costly surprises.

When it comes to reviewing closing documents, what's your typical approach?

I sign documents at the meeting without reviewing them beforehand. I glance through documents the day before, but don't fully understand all terms. I request documents 48 hours early and review key sections carefully. I review all documents thoroughly, ask my lawyer questions about unclear terms, and keep detailed notes.

How prepared are you financially for closing costs in Canada?

I haven't calculated closing costs yet—they'll be a surprise at the meeting. I know closing costs exist, but I'm not sure of the exact amount or breakdown. I've estimated closing costs (1.5–4% of purchase price) and budgeted accordingly. I've calculated exact closing costs for my province, confirmed the payment method with my lawyer, and have funds ready.

What's your plan for the final walkthrough before closing?

I haven't thought about a final walkthrough—I'll just close and move in. I know I should do one, but I'm not sure what to look for or when to schedule it. I plan to do a final walkthrough a few days before closing to check for repairs. I've scheduled a final walkthrough 24 hours before closing to verify all agreed repairs are complete and no new damage exists.

How are you managing your financial obligations before closing?

I'm planning to make a large purchase or take on new debt before closing—it shouldn't matter. I know I should avoid new debt, but I'm not sure how strictly lenders monitor this. I'm avoiding major purchases and new debt, but I haven't confirmed the exact timeline with my lender. I understand lenders re-verify credit before closing, so I'm keeping my finances stable and avoiding any new debt or large purchases.