Even after your offer for the home you decided to buy has been accepted by the seller, there’s plenty left to do before you can rightfully move in. {In the following article, an experienced  Toronto realtor will point out the most important pitfalls of the process.}

Once the offer has been accepted, your attorney should explain to you your obligations under the contract. The solicitor should also advise you as to what expenses you are likely to incur with respect to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

The attorney will also send letters to all the concerned municipal or regional utility departments, in order to validate there are no arrears or outstanding charges for gas, water or hydro expenses. These letters also verify if the equipment on the property is rented or owned and they also advise the various utility departments of the planned closing date, the new owner’s name and the name of the vendor’s lawyer. In these letters, it is also important to ask for information regarding the type of billing and if the billing is metered.

TAXES

Taxes is another important topic. You will need to provide a Tax Certificate, which will verify the amount of the current year’s taxes and any arrears and outstanding charges for the current year and any previous years.

BUILDING & ZONING

Your lawyer will also send a letter to the Building and Zoning Department, together with a copy of survey for the property. The purpose of this is to disclose all the details of zoning by-laws and restrictions concerning the distance from the street and side and rear lines, construction type, lot and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

A Search of title to the property is started in the appropriate division of the Land Registry Office to establish whether or not the vendor is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. Also an execution search is completed in the appropriate Sheriff’s Office to make sure that there are no executions against the seller or previous owners of the property that would affect your title.

FINANCING

In the meantime, while your legal adviser is busy completing all the initial searches, you should arrange all the necessary financing details. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will require to complete the business. There are a number of expenses that you may not expect on the day of closing that relate to mortgage financing. Again, it is a good idea to ask your solicitor about these expenses, when you get the Mortgage Commitment Letter from the financial institution that you have picked.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to visit your lawyer’s office to sign all the necessary documents and to produce a certified cheque to confirm the balance of closing funds.

CLOSING DAY

Your attorney will arrange an appointment with the vendor’s attorney at the appropriate Land Registry Office to subsearch the title and finish the execution searches. They will exchange documents, keys and cheques and your lawyer will ensure all the necessary documents are registered. Once the documents have been registered the vendor’s solicitor may release the funds to his clients and your solicitor may release the keys to you.

AFTER CLOSING

Now your legal adviser will provide you with a reporting letter that certifies your title and explains all the transaction details. After moving in to your new house, it is a good idea to check all items that should be included in the purchase price according to the Agreement of Purchase and Sale, are indeed left on the property by the seller. Let your attorney know without any delay if you think something is missing.

Once your bid for your dream house has been accepted, there is still so much to do before you can call the house trully yours. {In the following article, an experienced realtor will identify the most important details of the process.}

As soon as the seller has accepted your offer, you should meet with your attorney and talk about all the liabilities under the contract. One of the important topics you should cover is the expenses you will be facing concerning the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

It is also necessary to validate the absence of any arrears or outstanding charges, such as gas, water or hydro expenses. Your solicitor does this by sending letters to the municipal or regional utility departments. The utility departments will also be informed if the equipment on the property is rented or owned, and also about the scheduled closing date, the name of the new owner and the seller’s solicitor. Details about the billing type and whether the billing is metered, all this is also requested by these letters.

TAXES

Your solicitor will request a Tax Certificate to verify the current year’s taxes amount and to find out any arrears and outstanding charges for taxes, both in the current year and in any preceding ones.

BUILDING & ZONING

The Building and Zoning Department will need to get involved as to the particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses. Another letter is sent by your attorney to this department, together with a copy of the survey to disclose all this.

TITLE & EXECUTION SEARCH

A Search of title to the property is initiated in the appropriate division of the Land Registry Office to establish whether or not the seller is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not revealed in the Agreement or Purchase and Sale. Also an execution search is made in the appropriate Sheriff’s Office to confirm that there are no executions against the seller or prior owners of the property that would affect your title.

FINANCING

In the meantime, while your attorney is busy completing all the initial searches, you should arrange all the necessary financing details. You should have decided, prior to signing the Agreement of Purchase and Sale, the amount of financing you will qualify for and the amount you will need to complete the business. On the day of closing, you might not be aware of all the fees related to mortgage financing. Your attorney will tell you more about these fees when you get the Mortgage Commitment Letter from your selected financial institution.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to visit your attorney’s office to sign all the necessary documents and to produce a certified cheque to confirm the balance of closing funds.

CLOSING DAY

Your solicitor will arrange an appointment with the vendor’s legal adviser at the appropriate Land Registry Office to subsearch the title and finish the execution searches. The lawyers will exchange all the documents, keys and cheques and your solicitor will attend to the registration of all the necessary documents. As soon as this has been completed, you can get the keys and the seller will get the funds.

AFTER CLOSING

After closing your attorney will prepare a reporting letter to you certifying your title and explaining all aspects of the transaction. Then you are at last free to move in to your new place! Just make sure to check that all items that should be included in the purchase price, as indicated in the Agreement of Purchase and Sale, are left on the property by the seller. In case you find out anything is absent, get in touch with your legal adviser as soon as possible.

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