Here are some commonly asked questions I get from buyers:

I’m a first time home buyer and I have no idea what I am supposed to do now that I have signed the purchase agreement. Help.

Once you have finalized the real estate purchase agreement with your realtor and the mortgage with your lender, there really isn’t much for you to do.  Generally, here is what you need to do for the lawyer side of things:

1.  Give my contact info to your realtor and your mortgage lender.

2. Arrange for insurance on the property.  I will give you the information you need to provide to your insurance agent.

3. Make sure that you have access to the downpayment funds about one week prior to the Possession Date.  For example, transfer funds from investments.

And that is really it!

When will I get to move in?

Usually, you get the keys around lunch time on the Possession Date.

On the Possession Date, I will send the Cash to Close (the purchase price) to the Seller’s Lawyer around 12 noon. Once the Seller’s Lawyer receives the Cash to Close, the Seller’s Lawyer will contact the Seller’s Real Estate Agent who will then contact your Real Estate Agent to arrange for keys to be released to you. Do not expect to receive the keys prior to 1pm on the Possession Date.

Who do I get the keys from?

Your real estate agent will arrange for you to receive the keys.

Can my move in be delayed?

Yes.  You might not be able to get possession of the property on the scheduled possession date.  For example, your mortgage lender may not provide the mortgage funds to me on time so I won’t have the money to pay the Seller or the Seller is not able to provide information or documents necessary to complete the deal prior to the Possession Date.

I will let you know immediately if I am aware that there may be a delay. If the deal is unable to close on the Possession Date, you may still be able to move in under a tenancy arrangement . This option will be discussed with you if necessary.

When do we meet to sign the documents?

We will meet one week to one day prior to the Possession Date to sign the documents.

When do I get a copy of the title to my new house or condo?

A month or so after your Possession Date, I will mail you a package of documents for your records which will include a copy of the title to your home. If you have any questions or concerns when you receive the package, do not hesitate to contact me.

Reminders:
Don’t forget to arrange for utility hook ups.
Consider enrolling in a monthly property tax payment plan. Contact your local tax department.