BUYING – CLOSING THE HOME SALE

HERE YOU GO!

To guide you safely and comfortably through the closing period, which usually ranges from 30 to 90 days. I will:

• Arrange Buyer Access visits to your new home for you, typically 2 viewings or as outlined in the Agreement of Purchase and Sale, so you can see your new home and take measurements, plan interior decorating, renovations etc.
• Advise you on any inspections that might be needed, such as home inspections or mortgage appraisals.
• Recommend trusted tradespeople to you so you can start receiving quotes for any renovations you may wish to carry out once the home is legally yours, this can cut down the wait time.
• Provide you with valuable contacts to trusted professionals such as expert real estate lawyers, mortgage brokers, and movers.
• Explain the costs and fees to you, such as helping you calculate your Land Transfer Tax.
• Recommend moving tips and remind you of important things to do, such as switching your utilities over to the new home in time. Remember, there may be a pre-payment cost on taxes, hydro, gas, and fuel etc…
• Help you answer questions about your new property for your insurance company that you might not know the answers to.
• Check in with you on a regular basis to make sure everything is going well and you are prepared for the big move to the area.

Below is some detailed information on the role of a real estate lawyer and on what you need to do when working with your lawyer and securing a mortgage. Your lawyer should advise you what expenses you are likely to incur with respect to the closing procedures, including:

• Legal Fees + HST and Disbursements
• Land Transfer Tax: Ontario Land Transfer Taxes are payable by the Buyer through their lawyer upon closing of the transaction.

The formula for calculating Ontario Land Transfer Tax is:
0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $250,000
Plus 1.5% of the amount in excess of $250,001 to $400,000
Plus 2% of the amount in excess of $400,000

If you have bought a new home from a builder, the lawyer can give you an educated estimate as to how much you should budget for