What to do after offer acceptance?

Obtaining your dream house is quite tough process. You won the financial battle, you can offer better deal than your oponent and the house s yours. What's next?

UTILITIES

The solicitor will send letters to all the concerned municipal or regional utility departments, in order to verify there are no arrears or outstanding charges for gas, water or hydro expenses. The utility departments will also be informed if the equipment on the property is rented or owned, and also about the scheduled closing date, the name of the new owner and the seller's solicitor. In these letters, it is also important to request details regarding the type of billing and if the billing is metered.

TAXES

Your solicitor will ask for a Tax Certificate to verify the current year's taxes amount and to find out any arrears and outstanding charges for taxes, both in the current year and in any preceding ones.

BUILDING & ZONING

A letter is sent by your solicitor to the Building and Zoning Department along with a copy of the survey for the property to discover the full details of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

A Search of title to the property is initiated in the appropriate division of the Land Registry Office to establish whether or not the seller is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not revealed in the Agreement or Purchase and Sale. The appropriate Sheriff's Office will do an execution search to verify there are no executions against the seller or previous owners of the property. If there were any, they would affect your title.

FINANCING

While your solicitor is doing his initial searches, it is your responsibility to make necessary arrangements for financing. You should have decided, prior to signing the Agreement of Purchase and Sale, the amount of financing you will qualify for and the amount you will need to complete the deal. There are always some costs related to mortgage financing that you haven't known about on the day of closing. Again, it is a good idea to ask your solicitor about these costs, when you get the Mortgage Commitment Letter from the financial institution that you have chosen.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to visit your solicitor's office to sign all the necessary documents and to produce a certified cheque to verify the balance of closing funds.

CLOSING DAY

Your solicitor will arrange an appointment with the vendor's solicitor at the appropriate Land Registry Office to subsearch the title and finish the execution searches. They will exchange documents, keys and cheques and your solicitor will make sure all the necessary documents are registered. As soon as this has been completed, you can get the keys and the seller will get the funds.

AFTER CLOSING

After closing your solicitor will prepare a reporting letter to you certifying your title and explaining all details of the transaction. After moving in to your new house, it is a good idea to check all items that should be included in the purchase price according to the Agreement of Purchase and Sale, are indeed left on the property by the seller. If you think something is missing, contact your solicitor immediately.

This is difficult process, but if you proceed step after step carefully, nothuing can go wrong! Cooperate with your realtor, who has enough experience to help you accomplish the process smoothly!

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