Homebuying Step by Step: Your Guide to Buying a Home in Canada
Getting a mortgage Once your offer is accepted, visit your lender or broker to verify and finalize the details of your mortgage. Be sure to review any conditions that were part of the offer. Your lender or broker can advise you on exactly what you will need to bring to the meeting, but the following information will likely be required.
a home inspection report
an appraisal
a land survey
the most recent property tax assessment
estimates for recent or planned renovations and improvements
heating and utility costs
the REALTOR.ca listing (or photographs if no listing is available)
condominium fees (if applicable)
the building specifications
the signed offer to purchase
the legal description of the property
Don’t forget to change your address! You’ll need to notify healthcare professionals, government agencies, service providers and several others when you know your new address.
Use the Change of address checklist in Step 5 of the workbook.
Closing day Closing day is an exciting time. It’s when you finally get to take legal possession of your new home. The final signing generally happens at your lawyer or notary’s office along with the following events.
You give your down payment (minus the deposit) to your lawyer or notary, along with the closing costs (typically 1.5% to 4% of the purchase price) to cover legal fees, land transfer taxes and other costs.
Your lawyer or notary pays the seller , registers the home in your name and gives you the deed and keys to your new home.
Your lender gives the mortgage money to your lawyer or notary.
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