Understanding Closing Documents and Costs

Understanding Closing Documents and Costs

Purchasing a home, be it your first or your tenth, is an exciting time in your life, but there is also a lot of paperwork to complete and, more importantly, to understand!

What do you do if you don’t understand all the steps?

At Gail Sylvester Mortgages, we navigate the mortgage world and help you understand closing costs and processes. We are more than just mortgages; we are here to help you through every step of the way and beyond.

Let’s review five crucial steps to take between the offer and closing:

1. Home Inspection: Conditions have been off the table for some time; the good news is they are returning. A home inspection allows buyers to have a qualified professional inspect the home, eliminating surprises.

2. Title Search: Ensure your lawyer does a title search on the property to confirm the listed seller is the lawful owner of the property

3. Finalizing mortgage terms and conditions with your mortgage broker. At Gail Sylvester Mortgages, we guide you through your options regarding the terms and conditions of your mortgage, along with the complete list of closing costs that will be added to any funds transferred (this will vary depending on the type of purchase). We provide a checklist so you can be fully prepared for your close date.

4. A final walk-through of your property before closing. Make sure to add a walk through to your contract so you can enter the property to inspect everything that needs to be replaced or repaired has been taken care of before taking possession.

5. Home insurance: before you can obtain the keys to your new property from your lawyer, you must show proof of insurance for the new address. This vital step will hold up the process if not adhered to on time.

Advantages of working with professionals

Working with professionals will give you a smooth transition to your new home with all the proper documents in place. Engaging professional and experienced inspectors, lawyers, mortgage brokers, insurance agents, and any additional services you may require will allow you to confidently take possessional of your home.

If you are considering buying or selling a home, let us walk you through the steps to prepare for the big day! Book a time to chat about how we can help you – chatwithgail.ca

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