Once the offer is accepted you have financial, legal and insurance obligations that must be taken care of immediately.
Financial: Upon removal of conditions, we will send a copy of the offer, as well as the feature sheet, to your bank or mortgage broker. It's in your best interests at this point to contact your bank or mortgage broker to let them know there is an accepted offer being sent to them and also to inquire if there is anything further they need from you at this time. The two documents below are the standard documents your bank will need you to sign once conditions are removed.
Mortgage: Review your Mortgage or deed of trust with your lender and ensure that all the details are correct. Mortgage Note: Complete the Mortgage Note or commitment letter to assure the lender that you will pay the Mortgage based on the terms and conditions in the Mortgage.
Legal: Upon removal of conditions, Realty Experts Group Ltd. does the conveyancing, which entails sending all pertinent documents to your lawyer. This enables them to proceed with closing the deal. It's in your best interests at this point to contact your lawyer to advise them an accepted offer is being sent to them and also to inquire if there is anything further they need from you at this time. Below are some common documents and procedures completed by your lawyer:
Affidavits: Affidavit(s) may need to be required, however this will vary based on the Province you live in or the specific requirements from your lender (i.e. an Affidavit confirming the property will be your primary residence).
Remaining Down Payment: You will be required to bring to your lawyer the remaining cash to close. This is the amount outstanding after your initial deposit and the financing from the bank has been deducted from the purchase price.
Land Title: The seller must sign a warranty deed stating that the Land Title is clear of all encumbrances for the new owners. The Transfer of Land will be registered at the Land Titles Office. Your lawyer takes care of this step. Legal fees are measured using a scale, based on the purchase price of the property, usually in the range of $700 to $1,200. Legal disbursements are costs incurred by the lawyer in conducting the title search and registering the Mortgage, and they will seek reimbursement from you, in addition to their legal fees.
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