Real Estate 101: Purchaser's Checklist
• Discuss your proposed purchase with mortgage lenders to determine the amount of mortgage financing for which you qualify.
• Once you have decided to purchase a property, make sure your offer is conditional on financing. If your offer is conditional on an inspection and you wish to have one, your realtor will arrange it for you.
• When your offer has been accepted, contact your lawyer and advise him/her of the details of the purchase. Advise your realtor of the name and address of the lawyer you have retained.
• Arrange the mortgage financing required to complete your purchase.
• Notify your lawyer when your financing conditions and other conditions have been satisfied. Advise him/her of your exact names, dates of birth and how you want to take title to the property. Discuss the making of a Will and Power of Attorney.
• Arrange for movers or a moving truck for the date of closing. Contact your post office and file a Notice of Change of Address.
• If you are using an OHOSP or your RRSP to fund your purchase, contact your financial institution to advise them of the closing date and complete the necessary forms.
• Contact all utility offices and your security/alarm company to set up accounts for your new home and arrange for a meter reading and discontinuance of service at your present location.
• Get home and fire insurance that meet your mortgagee's insurance requirements.
• One week prior to closing, contact your lawyer to:
• Set up a closing appointment for signing purchase documents, including Wills and Powers of Attorney, if prepared
• Bring your two pieces of identification to the signing meeting
• Request the final amount required to close your purchase
• If you are purchasing a new home, contact the builder to set up your New Home Warranty Inspection.
• Certify a cheque payable to your lawyer in trust and attend to your lawyer's for document signing
• Prepare your movers and wait until you hear from your lawyer before arriving at your new home.
• Once closed, your lawyer will provide you with instructions on how to access keys
• Move in and welcome home!