Your Residential Home Purchase
Purchasing a home is a busy and very exciting time. To help ensure your transaction goes smoothly, there are a number of things you should attend to before the BIG DAY! Our team is here to work with you every step of the way.
Upon receipt of your Purchase Agreement our team will begin working on your file. One of our real estate paralegals will contact you to confirm receipt of the documents and answer any preliminary questions that you may have.
If you're placing a new mortgage on your newly purchased home, please ensure that all conditions of the mortgage are satisfied promptly. Remember, the new Federal Stress Test guidelines may impact the size of the mortgage you are able to qualify for. In the event these conditions are not met in a timely manner, interest costs may be incurred or possession may be delayed until all conditions are met to the satisfaction of the lender.
Please advise your lender or mortgage broker that we are acting on your behalf to prevent any delays in providing mortgage instructions. As the purchaser, it's your responsibility to ensure that your mortgage is approved and the lender has forwarded formal mortgage instructions to our office. We would ask that mortgage instructions be forwarded to us at least three weeks prior to your possession date.
If you are purchasing your new home with proceeds sourced from the sale of an existing property, and the possession of your new home is on or before the date for the possession of the property that you are selling, it may be necessary to arrange “bridge” financing. Your mortgage broker will be able to arrange this for you.
We strive to deliver the best possible legal service for reasonable and competitive fees. We offer flat rate legal fees for Real Estate transactions which are inclusive of all regular disbursements and GST where applicable!
Included in our basic fees are the following:
Receipt of conveyancing and mortgage instructions;
Title and Tax searches;
Comprehensive review of existing Land Title;
Preparation of relevant transfer and mortgage documents;
Contact and meet with you to review and execute all documents;
Submission of executed documents to Land Titles’ office for registration;
Receipt and review of registered documents;
Receipt and forwarding of trust funds;
Forwarding of reports to you and your mortgage company.
If your transaction poses unexpected and extra time consuming difficulties, additional costs may result. Usually, such difficulties include Real Property Report non-compliance issues, such as encroachments or development permit applications. Title insurance may be required by your lender with associated costs.
YOUR APPOINTMENT (1-2 Weeks Prior to Close)
Once we have received all necessary documentation from you, your realtor and mortgage company, we will schedule your signing appointment. For the appointment you will generally need to bring cash shortfall (if any) and photo ID (DL and Passport or Major CC). Cash shortfall refers to funds required in addition to your initial deposit and mortgage proceeds. We will need these funds in the form of a certified cheque, bank draft or money order. The office will advise you as to the amount of money required at the time of making your appointment.
Release of Keys:
On the day of possession, your real estate agent may offer a walk-through of your new home to ensure it is in good condition. Keys will be provided to you at this time. If you discover any significant damage to the property, we strongly recommend you contact us immediately to discuss legal remedies. Your real estate agent will advise you of your walk-through time.
You will need to arrange connection of the various utilities and related services by contacting the relevant providers of cable, electricity, gas, telephone, television, water and sewer. You may also wish to have your mail redirected to your new address.
To arrange for the appropriate insurance to be placed on the home your insurance company will require the date of possession, legal description of your property and an ownership description. Please ensure a copy of the insurance policy is forwarded to my office. Possession will not be granted until the office is in receipt of confirmation of insurance. At the time of booking your appointment, my office will advise you of the details of what needs to be included on the insurance.
Property Taxes and Community Association Fees:
We will adjust all real property taxes, community association fees and condo fees (if any), as of your possession date. Details of this will be discussed during our meeting. If you wish to register for the monthly Tax Instalment Payment Plan (T.I.P.P.) with the City of Calgary, you may do so by calling 311 or 403.234.7480 or by requesting a T.I.P.P. application online via calgary.ca (or Google search “City of Calgary TIPPs program”).
REAL PROPERTY REPORT
It is likely that the purchase contract required the seller to provide a current Real Property Report to the buyer. The Real Property Report is a one-page survey of the lands, indicating the legal boundaries and any improvements on the land including the home, decks, air conditioning units and fences. We will provide this document to you in my final reporting package. We strongly recommend that you store this document in a safe place, as you may need it in the future should you decide to sell or refinance your home.
Once your transaction has closed, we will forward a reporting letter, a copy of the mortgage (if applicable), a Statement of Receipts and Disbursements, as well as a copy of Title and Real Property Report.
If you have questions about your new home purchase, or would like to book and appointment please contact our office. By Phone: 587-356-0356. By Email: firstname.lastname@example.org