Closing On Your Home Purchase Toronto Mortgages

Closing On Your Home Purchase Toronto Mortgages



Closing on​ Your Home Purchase | Toronto Mortgages
This is​ the​ final step .​
You've found the​ perfect house .​
You're happy with your mortgage arrangements .​
Now it's time to​ close the​ deal .​
Closing is​ a​ process where all legal and financial obligations,​ which were stated in​ your Offer of​ Purchase,​ have all been made.
There are many things to​ keep in​ mind for the​ closing to​ go smoothly .​
Here are the​ steps:
• Give a​ copy of​ your purchase offer to​ your lawyer and have him or​ her go over the​ terms and conditions.
• Meet all the​ conditions of​ the​ offer by a​ specified date.
• a​ land survey is​ completed.
• Complete all the​ various inspections including a​ home inspection.
• Have your lawyer carry out title searches.
• Your lawyer will check into taxes and liens.
• Make sure you​ have made all the​ necessary payments,​ including a​ deposit.
• Check to​ make sure all property taxes are up to​ date (lawyer).
• Finalize all your mortgage paperwork (lawyer).
• Arrange for utilities to​ be connected to​ your new home.
• Confirm the​ purchase price,​ the​ balance of​ the​ deposit and any other adjustments by having your lawyer prepare a​ statement of​ adjustment.
• Once all of​ the​ above are complete,​ you​ need to​ sign a​ cheque and pay all remaining legal fees.
Closing Day
This is​ the​ day you​ take possession of​ our new home and you​ get your keys .​
But much more happens on​ Closing Day.
• Your lender provides the​ mortgage money to​ your lawyer.
• you​ provide the​ balance of​ the​ purchase price to​ your lawyer.
• you​ pay all legal fees,​ disbursements,​ and land transfer taxes.
Closing Day Defined
Adjustments and Closing Costs
In order to​ register a​ deed,​ you​ have to​ pay Registry Office fees and the​ Land Transfer Taxes.
Land Transfer Taxes
A land transfer tax is​ usually paid to​ the​ province at​ the​ time you​ or​ your lawyer register your transfer and deed .​
This tax is​ calculated as​ a​ percentage of​ the​ purchase price .​
If you​ are a​ first time home buyer of​ a​ new home,​ you​ are given a​ bit of​ a​ break.
Right of​ Inspection
Usually,​ the​ vendor is​ not required to​ allow you​ to​ inspect the​ premises prior to​ closing .​
However,​ sometimes this can be worked out between you​ and the​ vendor and it​ is​ recommended that you​ do inspect the​ premises if​ possible.
Decide on​ your mortgage lender with the​ same care you​ would bring in​ a​ business partner .​
When times get tough and you​ need a​ a​ lender to​ stick through tough times with you,​you will quickly find out if​ they are someone you​ would want in​ a​ foxhole with you.
The last thing you​ want is​ a​ lender who is​ more concerned about percentages than in​ your historical payment performance.
Build a​ relationship with your lender and keep them informed as​ if​ you​ are put in​ to​ a​ position to​ change the​ structure of​ your mortgage .​
Having a​ lender as​ a​ business partner can be a​ significant advantage in​ tough times.




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