Prior to Closing:
Allowing a lawyer to review any purchase and sale agreements will help you make the right decisions before you sign any legally binding contracts prior to closing. Allow yourself time to Obtain financing for the transaction and receive approval for mortgages from your financial institution, which can take up to ten days. Your budgeting should include expenses for purchase, sale or re-finance fees, including; title searches; tax arrears searches; municipal regulations compliance searches, title insurance, and deed and/or mortgage registration fees. Your financial institution should inform you about any fees which you are required to pay to them, and any deductions from the funds they will be advancing.
A Firm Agreement:
When the agreement satisfies all parties, we recommend a review of agreement conditions, and upon satisfaction, a full copy will be requested from you through email. On your behalf, we will perform searches, review municipal compliance and perform a tax arrears search, which must be completed on the requisition date.
An appointment will be scheduled prior to closing. You will sign a direction to the vendor specifying how you wish to take title to the property, and direction to your financial institution, allowing them pay me your mortgage funds in trust. At this stage, any additional mortgage documents should be reviewed and signed. Monetary arrangements for your closing will also be discussed wherein I will require a bank draft drawn in my favour.
The Closing Date:
On the closing date, an arrangement will be made between the vendor’s lawyer and me where we will deliver certified cheques, any necessary documents, and provide direction regarding the title. The vendor will provide a deed, the keys to the property and any other documents that have been requested. Title searches will then be updated and a deed and mortgage will be registered against the title to the property. I will notify the assessment office and any other necessary parties of the change of ownership. A full report of the transaction along with your registered deed and a copy of your registered mortgage will be provided to you.
