CLOSING DAY This is the day that you get your keys and start to settle into your new life as a homeowner. Typically, you will meet in the lawyer/notary’s office to sign final documents. The real estate agent(s) and/or the seller of the home may be present. Your lawyer or notary will ensure that money is transferred to the seller, along with any additional money the seller has prepaid on the home, such as heating expenses or property taxes. Usually, you pay the lawyer or notary at this time. Make sure to include in your initial home purchase budget all costs associated with closing the sale. These costs, which include lawyer or notary fees and land transfer taxes, may be from 1.5% to 4% of the home’s selling price. CMHC wishes you great success with your new home. We will be there to help you along the way. We have information to help you plan your move and other information that Canadian homeowners trust to maintain, renovate or adapt their homes.
HOME INSPECTION Your offer has been accepted and your financing is in place! As mentioned in the Making the Offer section of this guide, it’s wise to make your purchase conditional on the home passing a professional home inspection. For a fee ($300 and up), an inspector will make a detailed inspection of the property. When you receive the home inspection report, you and your real estate agent will have to discuss how required repairs, if any, may affect the sale price that was agreed upon. Get more information from CMHC. Simply visit www.cmhc.ca and type “hiring a home inspector” in the search box.
Don’t hesitate to call CMHC at 1-800-668-2642 for more information on homeownership, including the homebuying worksheets and checklists in printed format, or visit our website at www.cmhc.ca.
CMHC. Everything you need to open new doors.
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