Closing – what goes into closing a home? How long does it typically take? What should I expect? etc.
Once you have picked your realtor, chosen a house and accepted an offer – many people want to know, what comes next?
Your realtor will work with the home sellers realtor and lawyers to close the deal.
Step1. Title Search
One of the first things your realtor does is to do a title search through ISC. The title search gives all records and documents that are relevant to the property. The documents are now scrutinized to make sure there are no deficiencies, liens against the property, or other issues that cannot be rectified by the lawyer. If there are no twists and turns, you’ll be free to continue with the deal.
Step 2. Home Inspection
Home inspections are extremely important! Don’t skip them, even if there are bidding wars, changes in the market, etc. Both basic home inspection and City of Saskatoon PID report are important to guarantee lasting contentment in your purchase. It’s important that you hire your own independent home inspector. You definitely don’t want one who is connected to the seller in any way.
Step 3. Removal of Conditions
Once all conditions have been met including approval of financing and home inspection are completed. You will make sure you review the property condition disclosure statement and compare to what was found on the home inspection. If there are no red flags between the two and all permits closed on the property you will then remove all conditions.
Step 4. Closing Documents
Now your Real Estate Brokerage will prepare all real estate documents and send to your Real Estate Lawyer. Your lawyer will then prepare the following documents which generally includes, mortgage documents including any mortgage broker’s contact information, sales agreement, proof of title search, proof of homeowner’s insurance for full replacement cost. Remember, that you will be required to give picture identification that includes full legal name to complete your purchase.
Step 5. Close the Sale
Your Real Estate Lawyer will meet you 2 to 3 days before the purchase closing date to sign your purchase and mortgage documents. The Lawyer will review them with you and would make you sign all the legal papers. You will have to take your down payment that is required to close the purchase at this time.
The Purchaser’s lawyer would have received all the documents that are required by the Seller’s lawyer to transfer Title and review them with the Purchaser. Now the Closing date has arrived.
On this date, the Seller’s lawyer receives the required money from the Purchaser’s lawyer to close the transaction. The Purchaser’s lawyer will now send the documents to Land Titles for registration. Once the main Sellers have received the money from the Purchaser’s lawyer they tell their Realtor to release keys. Now your Realtor will get keys from Purchaser’s Realtor and make a meeting time to give it to you, typically, this all occurs before noon on the closing date.
Step 6. A Final Walk Through
Don’t forget to make time to meet with your Realtor. The purpose of this is to confirm that all circumstances set in the sales contract have been met and no harm has been done to the property since the first viewing of the house.
This also helps with the problems that can occur such as sellers leaving their possessions behind.
– NOW YOU ARE A HOMEOWNER! It’s time to celebrate!
If you need help buying or selling your house, we are here to help. Gregg Bamford and Ryan Bamford.