Closing Basics for Buyers
The Closing Process Once you have a firm deal (both you and the seller have agreed on price and agreement terms, you've submitted a deposit and there are no more conditions to waive), the closing process starts. This will require you to be in close contact with your lender and your lawyer - they'll need lots of information, and of course, money, from you.
The few days before you take possession are the most critical - you'll need to sign a lot of paperwork, provide a certified cheque for the balance owing and of course, pick up your keys.
Costs of Buying a Home As you go through the process of buying a home, you'll naturally want to know how much money this will cost you. Your lawyer, accountant and Realtor can help you estimate your costs. Some of the things you can expect to pay are:
- Down payment (less any money you have already provided as a deposit)
- Land transfer taxes
- Lender fees, if applicable (appraisal fees, application fees, etc.)
- Adjustments: the seller may have pre-paid taxes, utilities or other expenses past the closing date which you will need to reimburse during the closing process
- Legal fees (plus applicable taxes)
Your lawyer will calculate the final amount owing, and you will need to provide him/her with a certified cheque for the full amount before the property comes into your possession.
Congratulations, you are now a homeowner!
