Found the Perfect Home? Here's How to Make it Yours:

  • Once your Offer to Purchase has been accepted, have your Realtor set up the property inspection.
  • If you are purchasing a home, you and your Realtor should review the Real Property Report and Compliance provided by the seller (if available), to make sure that the property is in compliance with municipal by-laws and regulations. You may also present the same to your lawyer for review.
  • Once all conditions for the Purchase Contract have been removed, your Realtor should then send a copy of the Purchase Contract to your lawyer.
    •   Conditions are any terms on the purchase contract that must be fulfilled by the buyer and/or seller, in order for the contract to be valid and binding on both parties.  For example the buyer must acquire adequate financing to cover the purchase price.
  • If you are purchasing with a mortgage, provide your lawyer’s contact information (name, address, phone, and fax number) to your bank or mortgage broker.
  • Once you have mortgage approval, you should make arrangements for Home Insurance, and inform your insurance provider to send your home insurance particulars to your lawyer.
  • Arrange to meet with your lawyer approximately 2 weeks before the possession or closing date and inquire into your 'Shortfall'.
    • Shortfall is the balance of your down payment as well as other closing costs like appraisal fees, legal fees, etc.
  • At this appointment you will need to bring
  1. 2 pieces of ID (one needs to be a government issued photo ID such as a Driver's License or Passport the other can be a health card, SIN card, birth certificate or credit card).
  2. A void cheque (if requested by your lawyer).
  3. Proof of Home Insurance.
  4. Your Cash to Close balance.
  • On the closing day, once your lawyer has received the mortgage proceeds from your lender, the balance of the money required to complete the purchase will be sent to the seller’s lawyer. The seller's lawyer will then grant possession/release keys. Please note that key release is handled by the Realtors for both parties.