Monday, March 12, 2007

Not just any home - It's your FIRST home - CLOSING THE SALE - 5th in a series of articles for first time buyers

Closing the deal - 5th in a series of articles when buying your first home

After the mortgage has been approved and before the deal is closed, you must deliver certain documents and monies to your lawyer and the lender’s lawyer. These include:
• A copy of the accepted Offer to Purchase and any conditional waivers that have been added
• Proof of fire insurance
• A survey signed by a qualified land surveyor. In the case of an existing home, the survey on file may be acceptable. Or you may want to explore title insurance, which may not require a survey

Your lawyer will search the title to the property, check into any taxes or liens on the property, draw up and finalize your mortgage documents. A Statement of Adjustment will confirm all the transaction details and balance of the down payment and adjustments. This payment to your lawyer in trust is due together with the actual cost of the lawyer’s fee plus closing costs and disbursements.

Closing Day
This is the day you get the keys and legally take possession of your new home. Congratulations!
• Your lender will provide the mortgage money to your lawyer
• You must provide the balance of the purchase price to your lawyer
• You will also be responsible for paying legal fees, disbursements and land transfer taxes
• Your lawyer pays the vendor, registers the home in your name and provides you with a deed and the keys.

This article and series brought is courtesy of:
Marilyn Eidner, AMPMortgage ManagerHalton/MississaugaScotiabankCell: 647-271-7040Fax: 905-822-0811

Complete Buying Flowchart

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829

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