Completing the transaction
Once your offer is accepted you will need to carry out a number of steps and fulfill certain legal requirements before the transaction can be completed.
Pay the deposit amount you agreed to in the contract. This will be kept in trust by the party you indicate in the Purchase Contract and is part of your down payment.
Have the home inspected. Most REALTORS recommend that you have your home inspected by a professional home inspector. Ask your REALTOR for a list of inspectors.
Satisfy the conditions and subject clauses set out in the contract. For example, if you made the sale subject to a satisfactory inspection, you will have to complete the inspection by the stated date. If the findings from the inspection report are not to your satisfaction, then the condition wasn't met and the contract will terminate. Buyers are under obligation to act in good faith in satisfying the conditions specified in the contract.
Finalize your mortgage. You will need to send your lender
a copy of the Purchase Contract. The lender will arrange to have
an appraisal of the property done.
Purchase Homeowners' Insurance.
Hire a lawyer. Your REALTOR will send your lawyer a copy of the signed Purchase Contract. Your lawyer will:
- Search the title to make sure it is free of complications.
- Make sure the property taxes are up to date.
- Ensure that a current Real Property Report and compliance certificate
is obtained from the seller.
- Prepare all the documents to transfer ownership to you.
- Ensure that the seller's mortgage is discharged.
- Prepare a Statement of Adjustments showing the money you owe.
- Arrange for the transfer of money from your lender to the seller.
- Ensure you are registered as the owner in the Land Titles Office.
Approximately one week in advance of the closing date you will have to provide your lawyer with the balance of your down payment, the tax adjustment and legal fees (other than the mortgage proceeds). The lawyer then registers the documents, prepares to transfer title to your name and reports to the bank.
You take possession of your new home on completion day.
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