Closing On Your Home Purchase Toronto Mortgages
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Closing On Your Home Purchase: Toronto Mortgages
Finalizing Your Home Purchase
You've found your dream home, and you're satisfied with your mortgage terms. Now, it's time to finalize the purchase. Closing is the critical process where all legal and financial requirements outlined in your "Offer of Purchase" are fulfilled.
To ensure a smooth closing, follow these essential steps:
1. Review with Your Lawyer: Provide a copy of your purchase offer to your lawyer for a thorough review of all terms and conditions.
2. Fulfill Conditions: Ensure all offer conditions are met by the specified date.
3. Conduct a Land Survey: Complete a land survey to verify the property boundaries.
4. Perform Inspections: Arrange for all necessary inspections, including a home inspection.
5. Title Search: Have your lawyer conduct a title search to confirm property ownership details.
6. Verify Taxes and Liens: Ensure all taxes are current and check for any existing liens on the property.
7. Make Payments: Confirm that all required payments, including the deposit, are made.
8. Review Property Taxes: Your lawyer should make sure property taxes are up to date.
9. Mortgage Finalization: Complete all mortgage paperwork with your lawyer.
10. Set Up Utilities: Arrange for utility services at your new home.
11. Statement of Adjustment: Have your lawyer prepare this document to confirm purchase price and deposit balance.
12. Pay Legal Fees: Once everything is complete, issue a cheque for the remaining legal fees.
Closing Day: What to Expect
On Closing Day, you officially take possession of your new home and receive the keys. However, several important transactions occur:
- Mortgage Funds: Your lender transfers the mortgage funds to your lawyer.
- Balance of Purchase Price: You provide the remaining purchase price to your lawyer.
- Fees and Taxes: Pay all legal fees, disbursements, and land transfer taxes.
Understanding Closing Costs
You'll need to settle fees for registering the deed and pay Land Transfer Taxes?"a percentage of the purchase price. First-time homebuyers might be eligible for rebates.
Pre-Closing Inspection
While sellers are not typically required to allow inspections, arranging one can be beneficial. It's recommended to negotiate this opportunity with the seller.
Choosing the Right Mortgage Lender
Select a mortgage lender as thoughtfully as you would a business partner. A good lender should support you through tough times, focusing on your payment history rather than just interest rates.
Building a strong relationship with your lender can provide significant advantages, especially if adjustments to your mortgage become necessary. Having a lender who acts as a reliable business partner can be invaluable during challenging periods.
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