In Canada (some steps differ from country to country, but it’s generally similar, at least in North America), there are 8 important steps you need to take.

As soon as the landlord has accepted your offer, you should meet with your attorney and discuss all the obligations in the contract. One of the important points that he must cover is the costs that he will face with respect to the closing procedures, including the land transfer tax, disbursements and legal fees.

UTILITIES

The attorney will also send letters to all interested municipal or regional utility departments to confirm that there are no arrears or outstanding charges for gas, water or hydro expenses. These letters also verify whether the equipment on the property is rented or owned and also notify the various utility departments of the scheduled closing date, the name of the new owner, and the name of the seller’s attorney. In these letters, it is also important to ask for details about the type of billing and whether the billing is metered.

TAXES

Taxes is another important issue. You will need to provide a Tax Certificate, which will verify the amount of the current year’s taxes and any arrears and outstanding charges for the current and prior years.

CONSTRUCTION AND ZONING

Your attorney will also send a letter to the Department of Building and Zoning, along with a copy of the property inspection. The purpose of this is to reveal all the details of the zoning regulations and restrictions related to the distance from the street and the side and back lines, the type of construction, the lot and the areas of construction, the requirements of frontage and depth of the lot and the permitted uses.
TITLE SEARCH AND EXECUTION

Another important part is to establish if the seller owns the property and if he has the right to dispose of the property, and that the property is not subject to encumbrances, usurpations, easements, encumbrances, agreements or mortgages that have not been disclosed in the Agreement or Purchase. and Sale. This is done by the corresponding division of the Land Registry Office, which conducts the property title search. A foreclosure search is also conducted at the appropriate sheriff’s office to verify that there are no foreclosures against the seller or previous owners of the property that may affect title to the seller.

FINANCING

In the meantime, while your attorney is busy with all the initial searches, you need to organize all the necessary financial details. The amount of financing you will qualify for and the amount you will need to complete the transaction should already be clear before you have signed the Purchase and Sale Agreement. There are always some costs associated with mortgage financing that you don’t know about on closing day. Your attorney can inform you of these costs when your financial institution provides you with a Mortgage Commitment Letter.

BEFORE CLOSING DAY

You will also need a certified check to verify the balance of the closing funds for your attorney. Bring this with you when you come to sign all the necessary paperwork a few days before closing.

CLOSING DAY

Your legal advisors and those of the seller will meet at the corresponding Property Registry Office at a convenient time for both. They must search for the title and complete the end run quests. Documents, keys and checks will be exchanged and your attorney will make sure all the necessary documents are recorded. After the registration of documents, the seller has the right to obtain the finances and you can get the keys from your lawyer.

AFTER CLOSING

After closing, your attorney will write you a report letter certifying your title and explaining all aspects of the transaction. Then you are finally free to move into your new home! Just be sure to check that all items to be included in the purchase price, as specified in the Purchase and Sale Agreement, are left at the property by the seller. If you think something is missing, contact your attorney right away.

As you can see, this process is not that simple. This is the time when a trustworthy agent should provide you with help and advice. Then your feeling will not be spoiled by inconvenience and administrative problems.