What happens on the Closing Date?

By the day of closing, the purchaser’s solicitor will have informed the vendor’s solicitor that the funds are available, the parties will have exchanged the closing documents, and all the parties will be ready to close. On the Closing Date, the lawyers will agree that the transaction has closed, the funds will be requested (if a lender is involved) and paid over, and any other undertakings will be honoured. When everything is done, the vendor and purchaser will be informed that the transaction is finalized and the purchaser will take control of the business.