Once you have decided to retain us to act on your behalf on the purchase of your home, we will need you to do the following things immediately in order to ensure a smooth closing:
Fax or e-mail offer
If you or your real estate representative has not already done so, we will need you to fax or email us a copy of the offer or the agreement of purchase and sale;
Inform the bank
If you are arranging a mortgage to purchase this property, your bank will also need to retain us in this transaction. Accordingly, please provide all of our contact information to the bank so that it may eventually forward us all of the relevant mortgage instructions.
Please note that we will not be able to close this transaction until we have these mortgage instructions from your bank. It is, therefore, imperative that you and your bank have finalized your mortgage approval on a timely basis and that our office is in receipt of the instructions at least 3-4 days prior to closing so that we may have sufficient time to complete the file and meet with you to sign the closing documents.
It will be a condition of your mortgage, that your bank is provided with proof that you have adequate home insurance coverage. This insurance policy must also show the bank as a loss payee.
Accordingly, prior to closing of this transaction, it is extremely important that you have obtained the necessary home insurance coverage and that this proof, in the form of a policy binder, is forwarded to us by your insurance company. Please talk to your insurance broker for more details on this or contact us.
We will be notifying the tax department of the closing date and will also provide them with your names. We will, however, need you to contact all of the utility companies, including the Hydro, Water and Gas departments. You may find their phone numbers on our site.
We will need to have the full names and dates of birth of the individuals taking title to the property. Kindly email Cynthia this information as soon as possible.
Should there be individuals, other than spouses, buying this property together, please contact our office and speak to Mr. Mohan so that he can discuss and advise on the best way of dividing up the ownership of this property.
Once all of the above is done, you may contact Cynthia by phone or email and schedule an appointment to come into our office to review and sign all of the closing documents. The meeting date is usually about 1-2 days before the closing date.
Please note, again, that this cannot be done until we have received the mortgage instructions from your bank.
Certified cheque and photo identification
Once we are in receipt of the mortgage information from your bank, we will contact you and, in addition to arranging a meeting time, we will provide you with the amount of money which you need to bring into our office.
This amount will consist of the balance of your down payment and the closing costs such as legal fees, land transfer tax etc.
This money will need to be brought in as a certified cheque or a money order made payable to “G. Gord Mohan, in trust”.
Please also make sure to bring two (2) pieces of identification, one of which must have a photo.
Receipt of mortgage funds and registration of deed
Once all of the abovementioned steps have been completed, we will simply wait to receive the mortgage funds (which tend to arrive between 12 -2 PM) from your bank on the day of closing, and, upon receipt, will courier same to the seller’s lawyer.
Once these closing monies have been received by the seller’s lawyer, we will proceed to register the deeds in your name and close this transaction.
Pick up keys
Please note that, on closing date, once the closing process is completed, you will be notified by phone immediately and will be asked to pick up the keys from our office.
Based on experience, we can tell you that keys will not be available until sometime between 3-5 PM.
Please note that in order to have a smooth closing, you must get approved for your mortgage and have your bank send us the mortgage instructions in ample time prior to the closing. Any delay in this could jeopardize the closing of your transaction on time and could also add to your legal costs.
We encourage you to contact us with any questions you may have or any suggestions to make the closing of your home easier.