Closing your home purchase

After making an offer on your dream home, it is time to close the purchase deal. You have spent the time finding the right mortgage and now it is time to deal with the financial and legal aspects of buying a home. To make the closure transaction go more smoothly, keep the following in mind when closing the deal:

• Give a copy of your purchase offer to your lawyer and have him or her verify the conditions and terms. Your lawyer will explain how the property will be registered when transferred into your name.
• Meet all the terms of the offer by the date specified. These terms include:
• completing inspections (including the home inspection)
• carrying out title searches (this is done by your lawyer to make sure the seller is the lawful property owner and that the sale is legal)
• making payments and the deposit
• arranging for a land survey (this is mandatory to meet the terms and conditions specified by your selected mortgage lender)
• Have your lawyer check on taxes to ensure the property taxes are up to date
• Finalize your mortgage paperwork (done by your lawyer)
• Arrange for utilities to be connected at your new home (remember to disconnect services at your old residence if applicable)
• Confirm the purchase price, the balance of the deposit and any other adjustments by having your lawyer prepare a statement of adjustment

After these items are complete, all that is left to do is sign the cheque, which the lawyer will hold in trust. Also, legal fees will most likely need to be paid at this time.

You will be given possession of your new home on the closing day specified in the offer. The rest is up to you. It is time to move in and enjoy your new home, but make sure all loose ends have been tied and that all legal matters are in order. Your lawyer will provide you with the deed to your new home, and you can put your feet up and enjoy. (See: About.com)