Closing on a new Chestermere home is an exciting step, but the complexity of the process might take some wind out of buyer's sails if not approached properly. Between all the paperwork and negotiations, buyers will certainly feel challenged at some point, but these tips will help streamline those procedures.
Hire Real Estate Professionals
It often requires an entire team of real estate experts working alongside other agents such as attorneys, lenders, notaries, insurance reps and other solicitors to get the keys in the hands of new owners. Buyers purchasing homes in certain provinces may have the ability to use electronic documents for a good deal of the transaction. However, it's likely there will be in-person meetings required with one or more parties involved regardless of location.
Pre-Closing Day: Steps to the Keys
Before any talk of closing happens, buyers and the sellers or their soliciting agents will meet to hammer down any last minute negotiations and finalize remaining paperwork. If an electronic system is being utilized for documentation and there are no questions concerning the transaction's status, a physical meeting may not be required.
During the course of these actions, clients will need to sign a notice of Authorization and Direction. This allows solicitors legal permission to release and transfer necessary documents for registration to proceed with the transaction, so the next phase can be entered into.
Closing on a Home — The Day Has Arrived!
Closing day is when the new owner finally takes possession of the home — right after all transfers and paperwork have been processed by the seller's solicitor. Certified cheques or bank transfers should be made at this time and the new keys put into the buyer's hands. As a new homeowner, there's only one final step: moving in!
That being said, there will be a few details that lawyers and representing agents will need to finalize such as:
- Transferring and registering the mortgage with required entities.
- Ensuring closing costs have been received by the seller's solicitors.
- Making note that the new owners has received the keys to the property.
The good news is, besides unpacking and making mortgage payments, new buyers are basically off the hook for any further meetings with individuals related to the sale.
The Bottom Line on Home Closings
Looking for homes and finally finding one you want is challenging enough. Navigating the home buying process in Canada without professionals on your side is almost impossible. Case in point, let local experts guide you through the home buying process from start to finish for an optimal experience.