Real Estate Closing Process

So, to make it less scary for you we have broken it down into a step-by-step process.

This will help you learn every step of the real estate purchase process:

Step 1. Find the Right Home

There are countless different factors that go into selecting the “perfect” home. Shortlist your priorities, things like location, cost, best school district (if you have kids) and the physical appearance of your home, etc.

After you’ve found a house that’s a good fit for you, it’s time to get serious.

To make sure everything runs smoothly, it’s best to look for help from trustworthy and experienced professionals who are familiar with the buying and selling process.

The first step is to get a pre-approval on the mortgage to avoid any future disappointments. After that, you should hire an experienced and qualified Realtor.

Your Realtor will draft up an offer to purchase.

This is the best time to take a real look at the Property Report and make sure there are no problems with the home. This is a point where you can think about getting a Real Estate Lawyer involved.

Step 2. Set the Buying Process in Motion

Now you have to forward a copy of your offer to purchase (purchase contract) to your lawyer.

Both buyer and seller need a separate lawyer (you can also choose one Law firm and they can arrange a lawyer for both the parties) (more information regarding this topic can be found on our website). The lawyer would be responsible for holding all the money and documents essential for the transaction, from both buyer and seller, until the entire procedure is complete.

Step 3. Conduct a Title Search

The first step of many encompasses your lawyer performing a title search at the property. This search provides all records and documents that are relevant to the property. The documents are then scrutinized to make sure there are no deficiencies, liens against the property, or other issues that cannot be rectified by the lawyer. If there are no twists and turns, you’ll be free to continue with the deal.

Step 4. Inspect the Home

Home inspections are extremely important. Both basic home inspection and pest inspection are important to guarantee lasting contentment in your purchase. It’s important that you hire your own independent home inspector. You definitely don’t want one who is connected to the seller in any way.

Step 5. Give It a Final Once-Over

Don’t forget to negotiate a final walk-through of the property with your Realtor as a phrase of your purchase contract. The purpose of this is to confirm that all circumstances set in the sales contract have been met and no harm has been done to the property since the first viewing of the house.

Step 6. Prepare Closing Documents

Now your Real Estate Lawyer will begin to prepare closing documents that will include a transfer of land. In expectation of the final closing, the buyer has to round up all of the paperwork they’ve collected during the home buying process. This generally includes mortgage documents including any mortgage broker’s contact information, sales agreement, proof of title search, and proof of homeowner’s insurance for full replacement cost. Remember, that you will be required to give picture identification that includes your full legal name to complete your purchase.

Step 7. Close the Sale

Your Real Estate Lawyer will meet you 2 to 3 days before the purchase closing date to sign your purchase and mortgage documents. The Lawyer will review them with you and would make you sign all the legal papers. You will have to take any deposit money or down payment that is required to close the purchase at this time.

The Purchaser’s lawyer would have received all the documents that are required by the Seller’s lawyer to transfer Title and we will review them with the Purchaser. Now the Closing date has arrived. On this date, the Seller’s lawyer receives the required money from the Purchaser’s lawyer to close the transaction. The Purchaser’s lawyer will now send the documents to Land Titles for registration. Once the main Sellers have received the money from the Purchaser’s lawyer they tell their Realtor to release the keys. Now your Realtor will get keys from Purchaser’s Realator and make a meeting time to give them to you. Typically, this occurs before noon on the closing date.

Step 8. Welcome Home!

Hooray!! You’ve successfully made it through one of the most important purchases of your life. You are a Homeowner now! Let’s crack that bottle of champagne and celebrate!! Owning your new home is one of the best feelings ever. It can’t be described in words. A new house brings new special moments, security, and happiness. Enjoy your new house and more blessings to come!

Whether YOU ARE buying or selling a home, Shaikh Law Firm has the right Real Estate Lawyer for you. Our competent and experienced Real Estate Lawyer offer their expertise in all areas of Residential and Commercial Real Estate. We have offices in Toronto, Etobicoke, Oakville, Mississauga, Brampton and Winnipeg, Manitoba.

What else does one want when a lawyer will travel to you when necessary. Let our Real Estate lawyers propose to you their skilled advice at a competitively low price. At Shaikh Law, you yourself would say that we are Accessible, Affordable, and Reliable.