Hi folks, Timothy Patrick, your Brooklin, Durham and GTA real estate lawyer here again, visit me at www.brooklinlaw.ca. It seems to me that many people are confused about the procedure for closing a home once the agreement has been signed. Here are some helpful tips to ensure both you and your lawyer have a smooth closing process.
For a Sale:
- Do have your agent send a copy of the Agreement to your lawyer (including any amendments) as soon as possible;
- Give your lawyer current property tax information and how much you have paid (also let us know if there are any arrears);
- Give the lawyer any mortgage or line of credit information for those items that are registered on the property;
- Bring two pieces of i.d. and a set of keys (including garage openers, fobs, magnetic cards etc).
- Do not leave the above items to the last minute, closing is a process that requires the lawyer to request information from third parties and they may not be as efficient as your lawyer in responding;
- Do not take things form the home that the Agreement says must be left behind. Yes, it actually does happen.
- Do call or email your lawyer if you have any questions.
- Call all utility companies and get final readings for hydro, water and gas. Cancel or redirect your other services (phone, cable, etc.).
For a Purchase:
- Do have your agent send a copy of the Agreement to your lawyer (including any amendments) as soon as possible.
- Advise your bank or lender of ho your lawyer is right away; this will allow them to get mortgage instructions to your lawyer ASAP.
- Ask your lawyer how much the Land Transfer Tax will be and factor this into your borrowing and closing costs.
- Provide your lawyer with your marital status (and names of everyone who will be on title, advise your lawyer how you wish to hold title (tenants in common or joint tenants – ask for an explanation of these terms); provide your dates of birth.
- Advise your lawyer if you are a first time buyer (for Land transfer rebate purposes); this means you have never owned a home/condo anywhere in the world.
- Do not change mortgage lenders at the last minute (unless absolutely necessary) – it jeopardizes the closing and will cost you more money as the lawyer will need to start from scratch.
- Bring two pieces of i.d. and a certified cheque or bank draft to the lawyer when you meet (usually the day before closing).
- Call all utility companies and set up your accounts.
Brought to you by Timothy Patrick, your Brooklin, Durham and GTA real estate lawyer TOLL FREE: 1-877-414-0765 www.timothypatrick.ca