PURCHASE

Purchasing a home, for the first-time or not, can be overwhelming. To help simplify the process, one of the first correspondences you will receive from us is an introductory letter. The information in our introductory letter is as follows:

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What do we need to know from you?
  1. Name(s) to appear on title deed (if more than one, as “joint tenants” or “tenants in common”).

  2. Date of birth of each person to be on title;

  3. Spousal Status of title owner(s) (single, married, or common-law).

  4. Canadian residency status of each person on title.

  5. Are you a first time home buyer?

  6. Your mortgage broker and/or mortgage lender’s contact information, including name and phone number.

  7. The name and contact information of the fire insurance company you will be using.

  8. Pre closing mailing address.

  9. Post closing mailing address if property is not to be your residence.

The Mortgage

If you are obtaining a mortgage for the above property, please provide the lender, or your mortgage broker, with our information so that they are able to provide us with mortgage instructions in a timely manner. We require mortgage instructions to be received in our office at least one (1) week prior to closing date.

First Insurance – for house purchase only

You will be required to obtain fire insurance coverage noting the mortgage lender as loss payee as of the date of closing. Please ask the insurance company to forward a copy of the insurance policy binder to our office, via fax, prior to the closing date.

Utilities

It is your responsibility to contact the various utility companies such as Enbridge Gas, Hydro etc. to ensure that they have accurate information regarding the set up of your accounts with the new address. We will notify the tax and water department of the change in ownership into your name(s) on completion.

Closing costs and the downpayment

We will also keep you updated on funds that will be required for closing including the balance of funds due on closing, land transfer tax, registration fees, title insurance and our fees and disbursements. We will be providing you with a breakdown of these costs and will ask you to bring a certified cheque or bank draft to our offices at the time you come in to sign the legal documents with us.

Signing legal documents

Usually a day or two prior to the closing date, you and the other buyer(s), if any, will attend at our office to sign closing documents. You will be required to provide at least one photo ID (driver’s License, passport, citizenship card) along with another piece of ID, which may be one of the above listed or a major credit card. (Please note, Health cards are not acceptable).

Closing Day

On the closing date, registration usually takes place sometime between 2 & 5pm. We will notify you as soon as the deal has registered and closed. Keys cannot be released until registration takes place. Please keep this in mind when arranging your movers.
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