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Completing Your New Home Purchase

March 11, 2016

 Congratulations on your recent Real Estate purchase!  Buying a home is an exciting time, to ensure closing your property goes smoothly there are some important matters to attend to prior to your possession date. 

 

MORTGAGE FINANCING

 

If you are placing a new mortgage on your newly purchased home, it is important to ensure that all conditions of the mortgage are satisfied promptly.  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.

 

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. 

 

LEGAL FEES

 

It is important to properly budget for legal fees as part of your closing costs.  Ensure your lawyer is open with you about what fees are, and are not, included in the fee quoted, as well as what ‘surprise’ charges you may incur.  

 

At Sean V. Green Professional Corporation we strive to deliver the best possible legal service for reasonable and competitive fees.  To avoid any unpleasant ‘surprise’ charges, 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;

  • Order 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 your lawyer has received all necessary documentation from you, your realtor and mortgage company, they will schedule your signing appointment.  Any cash shortfall, funds required in addition to your initial deposit and mortgage proceeds will be due at this time. 

 

POSSESSION DETAILS

 

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, I strongly recommend that you contact your lawyer immediately to discuss legal remedies.

 

Utilities:

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.

 

Insurance:

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. 

 

Property Taxes and Community Association Fees:

Your lawyer will adjust all real property taxes, community association fees and condo fees (if any), as of your possession date.  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.

 

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 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.

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