Closing the Deal on Your Dream Home
So your offer to purchase your dream home was a success, now what? This is generally a waiting period as closing periods usually take anywhere from several weeks to a few months. There are important steps that need to happen right away.
Legal ObligationsThere is typically a conditional period that can take a week or so, after your offer has been accepts. This is where all of the necessary steps need to be taken care of to remove any subjects such as financing, home inspection and anything else that needs to be taken care of before the deal is sealed. You will need to give a copy of the offer to your mortgage lender so they can make sure everything is still in order with your pre-approval level of financing.
Home InspectionThis is also when a home inspection would take place. This process usually takes about three hours. Your real estate agent will be there for the inspection. You have the choice to be there if you wish. If you do, it is a good way for you to learn about the different systems in the home – heating, plumbing, electrical, roofing etc. It is important to get an inspection done so that you can find out what is going on in the home and any repairs it might require. It could also give your real estate agent some more negotiating room when it comes to the price, or you could insist the repairs be done at the seller’s expense, before you take over ownership of the home.
The conditional period is now completed and any repairs or adjustments have been finished. Your Real Estate agent will now finalize the deal and the paperwork will be processed by your lawyer, including the mortgage documents. Now for the real closing date:
- The funds will be provide for your lawyer by your mortgage lender
- All of the remaining closing costs are paid by you
- Your lawyer pays the seller & the home is registered in your name
- All of your insurance is in place
Now it is just a matter of planning your move. Hire a moving company or renting a truck, setting up services like electricity & cable, rerouting your mail etc.
You have done it! Congratulations and enjoy your New Home!!!