What Are Closing Conditions?
Even after you’ve been approved, lenders include conditions that must be satisfied before your mortgage funds. These conditions protect both you and the lender by ensuring everything is in order.
Common Closing Conditions
- Income Verification: Updated pay stubs, employment letters, or proof of self-employed income.
- Down Payment Verification: Bank statements, gift letters, or withdrawal confirmations (TFSA, RRSP, FHSA).
- Property Documents: MLS listing, purchase agreement, and appraisal if required.
- Insurance Proof: Home insurance must be in place before closing.
- Legal Coordination: Confirmation that your lawyer has reviewed and registered the mortgage.
Why They Matter
Closing conditions are not “extra hurdles” — they are safeguards to ensure the mortgage closes smoothly. Being prepared for them helps avoid last-minute stress.
The Bottom Line
The more prepared you are with documentation, the faster and smoother your closing will be. I’ll guide you through every step so there are no surprises.
