What you need to know about the home closing process.
After making an offer on your dream home, it’s time to close the purchase deal. You have spent the time finding the right mortgage, and now it is time to tackle the financial and legal aspects involved in buying a home. To help ensure the closure transaction completes smoothly, keep the following in mind when closing the deal:
- Give a copy of your purchase offer to your lawyer to verify the conditions and terms. Your lawyer will explain how the property will be registered when transferred into your name.
- Meet all the terms of the offer by the date specified. These terms include:
- Completing inspections (including the home inspection)
- Carrying out title searches (this is completed by your lawyer to ensure the seller is the lawful property owner and that the sale is legal)
- Making payments and the deposit
- Arranging for a land survey (this is mandatory to meet the terms and conditions specified by your selected mortgage lender)
- Have your lawyer check on taxes to ensure the property taxes are up to date.
- Finalize your mortgage paperwork (conducted by your lawyer).
- Arrange for utilities to be connected at your new home (remember to disconnect services at your old residence if applicable).
- Confirm the purchase price, the balance of the deposit and any other adjustments by having your lawyer prepare a statement of adjustment.
After these items are completed, the only item of business left is to sign the cheque , which the lawyer will hold in trust. Legal fees will most likely need to be paid at this time as well.
You will be given possession of your new home on the closing day specified in the offer. The rest is up to you. It is time to move in and enjoy your new home. Make sure all loose ends have been tied and that all legal matters are in order. Your lawyer will provide you with the deed to your new home. Put your feet up and enjoy.
What can I do for you.
So just because the purchase has been made doesn’t mean my work for you stops. On the contrary. First of all there are a myriad of other things I’ll do to ensure the sale goes smoothly. For example, I’ll take care of many of the administrative details on your behalf. I’ll work with the seller’s agent, your lawyer, and your mortgage lender to ensure that all the necessary paperwork has been completed and submitted.
Don’t worry about finding a good real estate lawyer, insurance agent, moving company, etc. I’m well-connected in the local real estate scene and can personally recommend reputable professionals and companies to help you.
And if at any time leading up to moving day you have a question, problem or concern, I’ll be there to help. You can count on me to be your real estate agent before, during and after you cross the threshold into your beautiful new home.
If you have questions about what you need to know about the home closing process in Saskatoon and Area, please feel free to call or email or submit the form below.