How does it work?

For the first time home buyer, the process of purchasing a home can seem quite daunting. It is  fairly straightforward however and you shouldn’t stress about it! Easy for me to say I know. Lets assume that you have enlisted the help of a real estate agent. It will be the realtors job to prepare the contract of purchase and sale. In that contract, you will most likely have 3 important sets of dates:

  1. Subject removal date – This is the day that you need to remove your “subject-to’s”. These typically include financing, insurance, inspection
  2. Completion date & adjustment date – this is the day that the land is “conveyed” (transferred) to you. This is also the day that you become responsible for payment of property taxes etc…
  3. Possession date – usually one day following completion (but sometimes the same day), this is the day that you get the keys and can move into the property

If you decide to remove your subjects, then the contract becomes firm and binding. At this point, the real estate firm will send the contract over to your notary. The notary will review the contract, and then contact you to go over a few simple questions. Some things the notary will need to know is:

  1. who you will be getting your mortgage through (mortgage brokers name or name of Bank)
  2. who you will be getting you home insurance through
  3. Address for the last 2 years

Your notary will then begin to prepare the documents needed. Usually, a few days before the completion date, the Notary will call you to set up an appointment. You will need to sign all documents in front of the notary, so it is important for you to be available to do this. You will need to bring with you 2 pieces of identification (ie. drivers licence and care card) which the notary will photocopy.  At the time of signing, you will also be asked to bring in the “balance to complete”. This amount is basically the rest of your down payment, plus the notary fee’s, and any tax adjustments.

Once all documents are signed, everything should be ready for completion on the completion date. The notary will register all the documents (Transfer, Mortgage) with the Land Title office and then provide you with a final report showing evidence of registration.

The house is yours!

This information is meant to give you a basic idea of what to expect throughout the home buying process. Feel free to call my office at any time so that I may answer specific questions that you may have.

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