When should I provide the closing funds to my lawyer?

Ideally, your lawyer should receive the closing funds at least 48 hours before closing.

In order to calculate the exact amount that you will need to pay on closing, your lawyer will need to receive the Mortgage Instructions from the bank and the Statement of Adjustments from the seller’s lawyer.

Sometimes these documents are not available 48 hours before closing. In these circumstances, your lawyer may ask that you bring an estimated amount until the final amount becomes available.

We will send you the final Statement of Funds as soon as we have all the required documents including the Statement of Adjustments, Title Insurance, Land Transfer Tax amount and the mortgage amount. This statement contains the exact amount that we will require from you in order to complete your transaction. 

The required amount will need to be deposited into our account no later than 48 hours before closing. In order to deposit the funds into our account, you will need to obtain a bank draft payable to:

LEXPAND LEGAL PROFESSIONAL CORPORATION, IN TRUST

You should then take this bank draft to a TD Canada Trust branch and ask that they deposit the draft into our account. We will send you a document setting out the details of our bank account which you should take with you to the TD branch. You should ask the representative at the branch to ensure that no hold is placed on the funds and explain that you are using the funds for an upcoming real estate closing. Once the deposit is completed you should send us the following two documents:

• a copy of the bank draft
• the deposit receipt

Please note that without the copy of the bank draft and the deposit receipt, we are not authorized to acknowledge receipt of your funds.