Buying – FAQs 2019-06-13T03:22:02+00:00

BUYING YOUR HOME

Commonly Asked Questions

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 finalised the real estate purchase agreement with your realtor and the mortgage with your lender, there really isn’t much for you to do from the lawyer side of things.  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. The real estate office will send me the final purchase contract (Conveyancing Instructions) and the mortgage lender will send me the mortgage information (Mortgage Instructions).
  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 down payment funds about one week prior to the Possession Date.  For example, transfer funds from investments to your chequing account.

About 1 week before your possession/closing/key release date, we will meet in person to sign all of the documents for the purchase.  At this meeting you will need to bring your down payment bank draft, your photo ID, and any other documents required for the closing.  The meeting will last about 45 minutes.  Then on the closing day, we will receive the mortgage funds from your mortgage lender and along with the down payment received by you, we will pay the purchase price to the seller’s lawyer.  Once the seller’s lawyer receives the purchase price from us, they will contact your realtor to release the keys to you.  This usually happens around noon.

And that is really it!

Here is some really good and accurate  information from the Government of Canada regarding  Buying your first Home / Mortgages 101 

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 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.  We will contact you on the Possession Date you to let you know that we have paid the seller’s the funds and to expect a call from your realtor.

Can my possession date be delayed?

There are a number of factors that may prevent your deal from not closing on time. For example, your mortgage lender may not provide the mortgage funds to me on time 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 I get a copy of the title to my new house or condo?

Two to Three months 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.

I have received the house keys from my realtor and we’re really grateful for the job done by Rosellina and her Office in a very quick and smooth manner. I’m really satisfied in doing business with you guys and I will definitely recommend my family members and friends. Thank you.

(home buyer – May, 2014)

When my husband and I purchased our home we were looking for a lawyer to handle all of the legal aspects. We were referred to her by our realtor and we were so pleased at how professional Rosellina Giardino was. She made us feel comfortable and was always accommodating and reliable. If anyone is looking for a knowledgeable lawyer who understands her clients trust Miss Giardino. Thank you for getting us into our new home.

(couple buying first home together – As posted on Yelp, April 2, 2013)

…We would like to thank you for arranging the legal documents for the purchase of our first investment property.  We really appreciated you having taken the time to answer all of our questions.  We were also very pleased with the clear instructions you provided to our notary.  This attention to detail really helped facilitate the signing process …

(out of province buyers of Alberta property – April 2013)

Hi Rosellina. Thank you so much for everything you have done for us with the purchase f our first home.  You made the experience a very positive one by helping us understand the process and always keeping us informed throughout construction, even though at times it was hectic.  …  We will not hesitate to refer any of our friends or family to you in the future for any home sales or purchases.  You are very good at what you do and run your business in a very professional manner.  You are also extremely kind and so easy to talk to and approach, we could imagine having anyone else represent us ….

(first time home buyers of a new house from a builder – April 5, 2013)