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A consumer guide and workbook - page 45 / 79

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Closing and.....

MAKE A smooth transition TO YOUR new HOME BY taking care OF ALL THE small details AHEAD OF TIME.

Closing is a process

during which all the legal and financial obligations stated in your Offer to Purchase will be met. Your real estate representative or lawyer should keep you informed of the steps involved, but here’s an outline of what to expect.

Show your l a w y e r ( n o t a r y ) t h e agreement 1

A copy of the signed Offer to Purchase is sent to your lawyer, who will examine any conditions of sale and note the closing date. You’ll also tell your lawyer how you, and any other co-buyers of the house, will be registered on the title to the property.

Mortgage details are finalized Your lawyer or lender will also draw up and finalize your mortgage documents. If you are using financing options, such as a vendor take back mortgage, you’ll need your lawyer to prepare this document 6

too .

5

Check into taxes and liens

2 All conditions of your offer are met During closing, all conditions in the Offer to Purchase must be satisfied by the stated dates. For example, you may have made the sale conditional upon a home inspection. This inspection should be completed before you continue closing.

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3 A land survey is done You’ll have to arrange for an up- to-date land survey on the property. Your lender will insist on this survey. So, if you did not receive one from the vendor, you’ll have to pay to have one done.

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Your lawyer will also be checking into government regulations and other legalities. These include ensuring that the property taxes on the house are up to date and that there are no liens on the chattel, that is the personal property the vendor has agreed to sell with the house.

4 Y o u r l a w y e r ( n o t a r y ) s e a r c h e s the title Once all specified conditions have been met, your lawyer will search the title to the property. This ensures that the vendor does have a clear title to the home and that you can purchase it without any legal problems.

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Arrange your utilities It’s up to you to make arrangements for final payments of utilities at your old home and to begin service at your new home. Now is also the time to make arrangements for moving. 7

It’s all over but the signing of the cheque Your lawyer will prepare a Statement of Adjustment, which will confirm the selling price, the amount you have to pay the vendor, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to your lawyer in trust. You’ll also owe your lawyer for legal fees, which include closing costs and disbursements. 8

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STEP 8 • CLOSING AND MOVING

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