What Happens After You Purchase Your Home?
So you have signed your Agreement of Purchase and Sale and your deal is firm. After the initial excitement of owning your first home, you are left with questions. What are my next steps?
STEP 1:
Find a lawyer to assist you with your real estate closing. We advise that you find a lawyer as soon as possible because both your lender and realtor will require your real estate lawyers contact information. It takes time to process your deal so we advise that you choose your real estate lawyer at least 30 days before your closing date.
STEP 2:
Once you have chosen your real estate lawyer, your realtor will send the law firm a copy of your Agreement of Purchase and Sale which allows them to open their file. The law firm will reach out to you to with their client intake form and to schedule a signing appointment. An introductory appointment may be schedule at this time.
STEP 3:
Finalize your terms and conditions with the lender. Once you have chosen which lender you will be proceeding with and have signed a commitment letter, your lender will send electronic mortgage instructions to your real estate lawyer for review and completion. We advise the latest we can accept these electronic mortgage instructions is 3 business days before closing to ensure a timely and smooth closing.
STEP 4:
Your lawyer will complete searches of title and writ searches and review the results with you. The lawyer will ensure you are obtaining legal ownership that is free and clear of any encumbrances. Your lawyer will also confirm how you would like to take legal title i.e. name or corporation name and prepare closing documents.
STEP 5:
Your firm will schedule an in person or virtual signing appointment with all purchasers to review and sign your closing documents that include the transfer of title and mortgage. This appointment is usually held one week before your scheduled closing date. Your lawyer will also verify the identity of all purchasers at this meeting.
STEP 6:
If there is a balance due from you to purchase your home, your lawyer or law firm will reach out to you to provide wiring or deposit instructions for those funds. Funds are usually acceptable by wire transfer, bank draft or direct deposit.
STEP 7:
Closing day. It will be the lawyers responsibility to confirm mortgage funding and client funding into their trust account. From there, they will forward proceeds required to close to the sellers lawyer. Documents will be exchanged between lawyers. Once both parties are satisfied with funds and documents, the electronic transfer is released for the buyers lawyers registration. Once registered you legally own the home. Your lawyer will provide you with key release direction or lockbox code to access the property.
Remember, the land registry hours are between 9am and 5pm so your closing can happen anytime during the day.
STEP 8:
Within 30 days of your closing, your lawyer will send you their reporting letter outlining all the details of your transaction. You will also receive copies of all executed documentation, final ledgers and account, and title insurance policies.
