What is the completion process for purchase of a property?

What is the completion process for purchase of a property? 2018-01-12T18:25:04+00:00

We start the completion process when we receive documents including the contract (i.e. the accepted offer) from your realtor’s office*. Once we have these documents and have been able to confirm our retainer with you, we then conduct our searches and review the contract and send you our initial report along with a list of further information we need from you to prepare the documents.

If you are not obtaining financing via a mortgage to complete the purchase then we are able to prepare final documents for you at this point. However, if like most people you are relying on mortgage proceeds to complete the purchase then we have to wait until we receive instructions from the lender to proceed to finalizing your documents.

Once we have received mortgage instructions from the lender we are able to calculate the amount of funds you need to provide in order to complete the purchase (including remainder of the down payment, property transfer tax, legal fees and other disbursements** and adjustments) in a document called the statement of adjustments.

We will then book an appointment with you for signing the documents and send you a copy of the statement of adjustments and ask you to bring us a bank draft payable to Envision Law Corporation In Trust in the amount shown on that statement.

On completion day, we will receive proceeds of mortgage from the lender, file the transfer of title and mortgage in the Land Title Office and pay the seller’s representative from the funds we hold for you in trust. You will be able to get your keys on possession day from your realtor.

 

* Please note that typically we avoid conducting any of the due diligence searches earlier than a month before the completion date in order to make sure our searches are as up-to-date as possible.

** For more information on other disbursements payable on closing click here.