What happens on completion day for a property transaction?

On completion day, all parties finalize the transaction and settle any outstanding matters. A completion statement is prepared to reflect the final payments needed, such as outstanding loan settlements, property tax, maintenance fees, utilities, salesperson commission, and legal fees. Once these fees are deducted, any balance is handed over to the seller as sales proceeds. The seller then provides vacant possession of the property and hands over the keys to the buyer. If applicable, buyers may have to present proof of mortgage insurance or other required documentation before the sale is legally concluded.