Frequently Asked Questions From Home Buyers
The legal team at Blackburn Lawyers know how stressful the purchase of a new property can be. We know you have lots of questions about many details of the transaction. We have complied a list of the most common questions we receive from clients in Richmond Hill and the GTA regarding their real estate transaction:
Q: When should I finalize mortgage arrangements?
A: As soon as you can. Make certain you have given everything required to your bank or mortgage broker. Make certain the lender has had you sign everything they require. The lender has to provide us with mortgage instructions and they will not do so until you have fulfilled all of their requirements.
Q: When do I get my keys?
A: The time cannot be predicted. The keys cannot be released to you until the closing has taken place. Most typically it will be mid to late afternoon and before 5:00 p.m.
Q: Where will I pick up my keys?
A: If you are purchasing a new home they will normally be given to you by the builder at their construction or sales office. If it is a resale property you will receive them from us at our office. We will call you when they are available. If the property is a long way from our location we may be able to make arrangements with the Seller’s lawyer to keep the keys in their office if it is close to the property or we would suggest you contact your real estate agent to make arrangement to get the keys for you.
Q: How is the money handled?
A: If you have a mortgage or a bridge loan the money is usually transferred to us by the lender. The funds that you are providing are to be delivered to us by way of a certified cheque or Bank Draft payable to Blackburn Lawyers. You will be told the amount required when you come in to sign your documents generally a day or two before closing. If this is not possible or not convenient to you we require your funds as early as possible on the day of closing.
Q: Should I contact utilities?
A: Yes, they will require personal information from you to open your new account. For some services you may need to arrange an appointment for installers to attend.
Q: Is there anything else you will require?
A: You must arrange for the appropriate insurance coverage. Generally, for “full replacement value” for the structure and adequate coverage for your contents and liability. It is all wrapped together in a “home owner’s policy”. In the case of a condominium you require “condominium owner’s insurance” as the insurance arranged by the condominium corporation will generally not cover the interior of your unit. You should provide the name and address of your lender to your insurance broker and have the lender named as a mortgagee. Have your insurer send us proof of insurance. We cannot release the lender’s money until this insurance information is in our possession.
Q: Do I need to come to your office?
A: Yes, I do need to meet with you on one occasion generally a day or two in advance of the closing date. My office will contact you to arrange an appointment time or you may call to set up a time. At this time, you will need to sign all required documents with respect to the closing.
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