By: Matt Busch

Got the deal now what

Tags: bought a home, guide

 

YOU’VE GOT A DEAL NOW WHAT 

I wanted to give you a bit of background and information that you will require for your upcoming purchase/sale.  If you are obtaining mortgage financing, it is essential that you notify your Bank and provide them with all of my details, as well as your lawyers so that mortgage instructions can be received forthwith.  As we work towards the closing date itself, your lawyer will need to sit down with you to execute all of the closing documentation. We usually do this a day or two before closing itself. 

Conditions: 

  1. If we have a home inspection condition and we will be working through the condition you will be contracting a home inspector. The average cost is approx $400 on a regular sized home up to 2500 square feet. Please print and bring this home inspection checklist


MOVING

You will want to make arrangements with a moving company to ensure you get out of your old home damage-free and on time

We usually try to set up the closing date 3-4 days after your purchase closes; you just have to make sure that you are allowed to bridge. ie hold 2 mortgages over that period

INSURANCE 

* Don't forget to arrange your home insurance. Usually your car insurer will provide a multi line discount, so make sure you ask for that! Also your insurance company will likely provide you a discount if you have security monitoring installed (Rogers or Bell  home monitoring is a good option) See a typical questionairre your insurer will ask you 

You will need to look after placing your own home insurance on the property and please have your insurance company fax your lawyer the binder letter of insurance coverage in advance of the closing date.

Also important for your consideration, is Mortgage insurance or life insurance. While mortgage insurance is a good product I don’t personally recommend it, as the premium stays consistent through the life of the mortgage while the payout is only the amount remaining owing on the mortgage.ie. If you paid down your mortgage over 15 years and only have $100,000 balance remaining the policy will only pay off the balance.  Term life insurance is better. If this isn’t to clear call me and I can explain. If you would like to talk to a professional about this I have one that I can recommend to you. See the benefits of Life insurance vs Mortgage insurance here

 

UTILITIES 

With regard to utilities, you will need to set these accounts up yourself. Your lawyer can no longer do that due to new privacy laws in the Province of Ontario. It may be possible if you already hold accounts with any of these companies that they just transfer your account, that way you dont have to pay their new account set up fee.

OPEN / CLOSE all appropriate accounts for services. I.e. Cable/internet, Gas, Hydro (incl Electricity), Home alarm system, Hot water tank rental, ect. See here for a list of the service providers in your city (good idea to download a copy for yourself) You need to make the contact to set up your accounts.

Typical accounts include: Hot water tank rental, Water utility, electrical utility, gas, cable/ internet. Your lawyer will take care of setting up your tax acct with the city. 

 

MORTGAGE

With respect to the funds required on closing, in addition to the balance due on closing taking into account your deposit and there will be a realty tax adjustment, there are the lawyer's fees, disbursements and land transfer tax. 

I will send your mortgage person everything that is required. Just let me know who this is ASAP. I have contacts with each of the banks, just ask me for this. 

As mentioned I have many mortgage partners who can get you the deal you deserve. 

LAWYER

Let us know right away which lawyer you will use to represent you. We have a few great options, including a mobile signing service that comes to you. 

THE PROCESS

 Here’s what you can expect between the time the contract is accepted and subject-free (this means firm with no conditions) and the time the transaction completes: 

UPON ACCEPTANCE OF OFFER: 

ONCE THE DEAL IS FIRM (CONDITIONS ARE REMOVED)

Revisits - We have 2 of them, we can go whenever you want. I like to use one for measuring for new furniture/ showing family/ friends. The other we use just before closing to ensure everything is exactly as it should be
 

1 WEEK PRIOR TO COMPLETION:

 

COMPLETION DAY:

 

Lastly, please let your lawyer know that on closing day you give me permission to pick the keys up on your behalf. 

 

I think that covers everything. Please let me know if you feel  I’ve missed anything as this is now a new email template, and I’m always looking for new ways to improve my systems/ processes.

 

Also Remember to: 

https://www.canadapost.ca/tools/eCOA/Web/ServiceType.aspx?LOCALE=en

  
When you move in make sure to: 
You now have access to our contractor referral app. You'll be able to connect with local businesses, access exclusive discounts & stay up to date with events.

List: Buschteam.ca Connections List , The Builders Broker

Download the App

 

Also see the list here, know anyone we could add?

 

  

Make sure to print or save the maintenance checklists for your new home here: http://www.buschteam.ca/blog/maintenance-checklists/

 

 

 

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