i. Instruct your real estate agent to forward by fax (519-578-1168) a copy of your Agreement of Purchase and Sale and any other documents that are required by the terms of the Agreement (i.e.: survey of the subject property, if the agent has entered it into your Agreement, etc.). If in fact you have not signed the Agreement of Purchase and Sale and wish us to review same prior to finalizing or submitting it through the real estate agent, we will gladly review such Agreement at no extra legal charge or cost from our offices. Upon receipt and review of your Agreement, we will contact you by phone to confirm that we are opening a file on your behalf and to confirm your mailing address or fax number at which point in time we will send you our standard introductory letter.
ii. If you endorse any amendments to your Agreement of Purchase and Sale after the signing of the original Agreement, kindly provide our offices with a copy of same at your earliest convenience by way of fax or e-mail. If in fact any of the amendments are related to a change in the purchase price, you should consult your mortgage broker or bank representative prior to endorsing same and as well, after endorsing such amendments you should provide same to your mortgage broker or bank representative as such an amendment with respect to change in the purchase price will affect your mortgage application and the amount of money that you will receive from your lender.
iii. Please review our detailed introductory letter and for both your assistance and ours kindly complete the attached Purchase File Client Information Sheet and Checklist and fax or e-mail same back to our offices at your earliest convenience, as above we will mail you a copy and you can also find same under the Real Estate heading herein.
In terms of the manner in which you wish to take title, please click here to refer to the Types of Ownership page for specific definitions, etc.
We will require an insurance binder letter from your home (fire) insurance company prior to closing. Please click here for details.
Please click here to refer to our Title Insurance page, and please be advised that it is our office policy to obtain title insurance on all purchases.
Moving Time and Release of Keys on the Closing Date
Please be advised that the standard Ontario Real Estate Association (OREA) Agreement of Purchase and Sale form, paragraph 5, sets out that the Agreement shall be completed by no later than 6:00 p.m. on the closing date. Before keys can be released on the closing date there are a number of steps that will take place through our offices and the vendor's lawyers offices. Firstly, if you are placing a mortgage to purchase your property, the mortgage lender must provide closing funds to our offices. Any delay caused by the mortgage lender in providing such closing funds to our offices will obviously delay your closing time. Upon receipt of such closing funds from your mortgage lender, it is necessary to produce our closing cheques to the vendors solicitor and such cheques must be certified as per the direction of the vendors solicitor, and documents must be exchanged between the vendors solicitors office and our offices. Lastly, registration of your Transfer/Deed of ownership and the Charge/Mortgage (if applicable) will take place. Until all of the aforementioned has taken place, we will not be in a position, pursuant to the Agreement of Purchase and Sale, to release keys. Under normal circumstances keys will be available at our offices at the time of closing for pick up by yourself. Given the aforementioned it may be late in the afternoon and often may be up until 5:00 p.m. on the closing date before you obtain your keys. Rest assured that we will do our utmost to close your transaction as early as possible as it is obviously to your benefit and as well to our office procedure benefits to not close transactions later in the day. Late day closings create pressure not only for yourself but also to our office and staff. As such it is imperative that you have your certified funds available, on a best case scenario, the day before closing and that we receive your mortgage funds from your lender/bank the morning of closing at the latest.
Given all of the aforementioned, if you are moving on the closing date, are arranging for work to be done on your purchase residence or are arranging for deliveries, moving trucks, etc. we suggest that you consider arranging your movers to arrive at the property late in the afternoon on the closing date in order to avoid unnecessary moving costs if you are paying your movers on a billable hourly basis.
If you are obtaining a high ratio mortgage, for instance if your down payment is less than twenty-five percent (25%) of the purchase price, your mortgage company/bank will deduct costs from the mortgage advance including CMHC insurance fees and eight percent (8%) provincial sales tax (PST) on such insurance premium amount, appraisal fees if applicable, property tax holdbacks if applicable and/or possible interest adjustments, etc. It is imperative for your own sake that you speak to your mortgage broker/bank representative and confirm to your own self satisfation, prior to attending at our offices, and most specifically at the time that you formalize your mortgage commitment, what the net dollar amount is that will be forwarded by your mortgage company/bank to our offices for the closing date. Even though you are getting a mortgage for a set amount, the actual dollar amount that will be released on closing in the aforementioned circumstances will be less and can be substantially less in some instances. It is rare but on occasion where you have not been fully advised of the aforementioned deductions. It is a very uncomfortable situation for all parties when you are short thousands of dollars simply for this reason.
In terms of the actual mortgage commitment it is your specific responsibility along with your mortgage broker/bank representative in terms of the mortgage to satisfy any requirement of the mortgage company/bank so as to avoid any delays on closing in terms of release of funds (i.e.: proof of employment/income, proof of cash downpayments, etc.).
Utilities, Cable TV, Phone connections, etc.
As the purchaser it is your responsibility to make such arrangements to have your services hooked up on the closing date. Kindly see our introductory letter and contact the appropriate parties to arrange for such services to be "hooked-up".
Purchasing a Newly Constructed Home from a Builder
Prior to closing you will be meeting with the builder or the builders representative to complete a Certificate of Completion and Possession and a Tarion New Home Warranty Program Certificate. Please list any and all outstanding items that you feel have not been completed or are not completed to your satisfaction. Please be advised that we will require the Tarion New Home Warranty Certificate as issued and signed by the builder and yourself at our offices when you attend for your appointment to endorse closing documentation at which time we will take a copy of same.