The Closing Process: What to Expect From Offer to Closing

The negotiations process begins once an offer has been presented, but until it has been accepted and agreed to by both parties; it remains in the negotiations stage unless one rejects the offer or counter-offer outright.

• Because your lawyer has a limited time to protect your interests, having him review your contract quickly is imperative.
• Your lawyer will then proceed to search title on the condo to determine the its current state.
• Your lawyer undertakes a title search through Teranet, the online registry system. Your lawyer determines the current state of title to a property including review of all encumbrances, liens, mortgages and other interests that affect that title.
• Once the status certificate has been ordered by the seller from the property management company, your lawyer will review it to determine the financial status of the building.
• It is also imperative that your lender is given a copy of the Agreement of Purchase and Sale as soon as possible, so that financing is in place for closing.

Just What is a Title Search?
The buyer’s lawyer undertakes a title search through Teranet, the online registry system. The lawyer determines the current state of title to a property including review of all encumbrances, liens, mortgages and other interests that affect that title.

Your agent will handle the details and co-ordinate the process so you can relax and enjoy the experience.

You may be wondering how much money you’ll need at closing.  I’ve prepared a list of all the possible costs:

All of the Possible Closing Costs

Remember, your first mortgage payment is due one month after your transaction closes.

Condo fees are usually due on the first of every month depending on the condo corporation.

Property taxes are due in installments (usually four per year) or can be paid for you by your bank on a monthly basis.