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Buying Real Estate
The Closing Process
To help alleviate the stress of buying it is important to understand the closing process step by step:
Step 1 - Retain the services of a lawyer or notary. You should retain your lawyer or notary as soon as you have an accepted Contract of Purchase and Sale and have removed all subjects. Ask your other professional advisors for a referral.
Step 2 – Your lawyer or notary will need to gather information from you including how you wish to hold title to the property if you are buying with your spouse or partner. Don’t hesitate to contact your lawyer or notary if you have not heard from them at least 3 – 4 weeks before the closing. Most couples hold title as “joint tenants” which conceptually means that the couple jointly owns a 100% as opposed to “tenants-in-common” which means that the couple each owns 50%.
Step 3 – Your lawyer or notary conducts a title search and obtains tax information and any additional information necessary to prepare Statement of Adjustments. If you are taking a more your lawyer or notary will need to obtain and insurance binder with “loss payable” to your lender.
Step 4 – Your lawyer or notary prepares closing documents including title transfer, mortgage, property transfer tax forms and Statement of Adjustments. Your lawyer or notary will forward the seller’s closing documents to the seller’s lawyer or notary for execution.
Step 5 – 1 - 3 days before closing is when you usually meet with your lawyer or notary to sign documents and deliver the balance of the down payment or equity. the balance of funds will need to be paid to your lawyer or notary by certified cheque, bank draft or inter-bank transfer. If your funds are invested ensure that they will be available for deposit in advance of closing.
Step 6 – Your lawyer or notary will register the transfer and mortgage documents, arrange for the seller’s lawyer or notary to pick up funds and notify you that the purchase has completed.
Step 7 – Normally you receive the house keys directly from your realtor on the Possession Date as set out in the Contract of Purchase and Sale.
Step 8 – Move in and enjoy your new home! |
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