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Closing Your Home Purchase

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After making an offer on your dream home, it's time to close the purchase deal. You have spent the time finding the right mortgage, and now it is time to tackle the financial and legal aspects invloved in buying a home. To help ensure the closure transaction completes smoothly, keep the following in mind when closing the deal:

  • Give a copy of your purchase offer to your lawyer to verify the conditions and terms. Your lawyer will explain how the property will be registered when transferred into your name.
  • Meet all the terms of the offer by the date specified. These terms include:
    • Completing inspections (including the home inspection)
    • Carrying out title searches (this is completed by your lawyer to ensure the seller is the lawful property owner and that the sale is legal)
    • Making payments and the deposit
    • Arranging for a land survey (this is mandatory to meet the terms and conditions specified by your selected mortgage lender)
  • Have your lawyer check on taxes to ensure the property taxes are up to date.
  • Finalize your mortgage paperwork (conducted by your lawyer).
  • Arrange for utilities to be connected at your new home (remember to disconnect services at your old residence if applicable).
  • Confirm the purchase price, the balance of the deposit and any other adjustments by having your lawyer prepare a statement of adjustment.

After these items are completed, the only item of business left is to sign the cheque, which the lawyer will hold in trust. Legal fees will most likely need to be paid at this time as well.

You will be given possession of your new home on the closing day specified in the offer. The rest is up to you. It is time to move in and enjoy your new home. Make sure all loose ends have been tied and that all legal matters are in order. Your lawyer will provide you with the deed to your new home. Put your feet up and enjoy.

For more information and articles on the topics of home purchase and home selling, visit About.com.

Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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