THINGS TO DO TO FINALIZE YOUR PURCHASE

 

The following is a list of things that you should do to finalize your purchase

  1. There may be keys for your new home in the possession of the seller’s relatives, friends or the person next door. You may also want to change the security code to the house and/or garage to a code known only to you and not to any previous owner. This will be done by the Purchasers directly and not by the offices of Patricia D. Wright, Notary Public

  2. Patricia D. Wright, Notary Public, will not normally check the zoning of the property (unless required by you or your lender), or for violations of environmental regulations, municipal or provincial by-laws or ordinances such as the legality of any suites located in the property. If you are concerned about any of these matters, you should check with the appropriate municipal or provincial authorities or arrange for soil testing prior to releasing all subjects on your contract of purchase and sale.

  3. Will your property be subject to any underground easements that may restrict building? Are there structures located over any utility lines or underground easements? If so, you may be responsible to move these structures or relocate the utility lines at your expense. These items will be easily disclosed with a current survey certificate (as previously recommended by Patricia D. Wright, Notary Public) which you may wish to obtain prior to releasing all subjects on your contract of purchase and sale.

  4. A home may contain electric, heating, plumbing, foundation or structural defects that are not visible to the untrained eye. Many people use the services of a home inspector to go through the property they are proposing to purchase. If you decide on a home inspection, ensure that the inspector is qualified, has adequate liability insurance in case of mistakes made in conducting the inspection, and confirm that a written report will be given to you. Are there items which the building inspector will not check for, such as insects, wood rot, water seepage and defects that cannot be detected by a visual inspection?

  5. Make sure that you have advised everyone who requires notification, such as banks, credit card companies, relations, friends and other important people and organizations of your new address. You may wish to file a change of address card with the Post Office.

  6. Does the purchase of this property require a change in your Will or the preparation of one?

 

The following should be done by you as soon as possible and prior to the completion date:

  1. Confirm with the offices of Patricia D. Wright, Notary Public, that you have adequate fire insurance in place. Patricia D. Wright, Notary Public, will require either a certified copy of your policy or a binding letter from your fire insurance agent prior to your completion date and require the name of your agent as early as possible.

  2. Attend at the offices of Patricia D. Wright, Notary Public to execute all required documents. Patricia D. Wright, Notary Public, will require proper identification at the time you attend. You will also be required to pay to my office, your closing costs as set out in your Statement of Adjustments which includes the balance of your down payment, notarial costs, disbursements, applicable Property Purchase Tax and any applicable G.S.T. and P.S.T. This amount is to be delivered by way of a certified cheque or bank draft and must be payable to Patricia D. Wright "in trust"

  3. Important Dates to keep in mind when purchasing your home there are key dates:

  • the completion date is the date that the funds and title to the  property actually is filed for registration through land title agents  of Patricia D. Wright, Notary Public.

  • the possession date is the date you are actually able to move in

  • the adjustment date is the date that is used on your 
    Statement of Adjustments to determine when you are responsible 
    for taking over payments (ie. property taxes, etc.)

Patricia D. Wright, Notary Public, strongly recommends that you ensure your completion and possession dates are not on the same day and that you know what time on the possession date you will be receiving the keys for your new property so you can make arrangements for moving, cleaning, etc. You will not want your moving truck to be waiting outside your new house if the transaction has not yet completed in the Land Title Office, the offices of Patricia D. Wright, Notary Public, has not yet received your mortgage funds, or the seller is still in the process of leaving.

 

Whenever possible, avoid completion on a Friday, the end of a month and before long weekends. Buyers who close then often face delays getting keys, and often incur higher moving bill. Sellers discharging a mortgage can face a financial drain as well. If the funds reach the lender late after a Friday closing, three extra days interest is payable - four on a long weekend.

 

The following should be done by you on the completion date:

  • Make arrangements with your real estate agent (or with the seller if you are buying privately) to obtain your keys in a timely fashion on the possession date.

 

The following steps will be done by the offices of PATRICIA D. WRIGHT, Notary Public to complete your conveyance:

 

  1. Patricia D. Wright, Notary Public will request your mortgage funds and arrange to have your documents filed for registration in the Land Title Office.

  2. Once your mortgage funds are received, Patricia D. Wright, Notary Public, will forward the balance of the purchase price to the seller’s lawyer or notary in trust and on appropriate undertakings (such as to clear title of the seller’s mortgages, pay outstanding taxes, etc.)

  3. Patricia D. Wright, Notary Public, will then prepare and forward to you a second report on your purchase documentation and mortgage being filed for registration. When you attend at the office of Patricia Wright, Notary Public, we will have a preliminary report ready for you regarding your purchase and will review the same with you at that time.

  4. Your report prepared by the offices of Patricia D. Wright, Notary Public, will include a copy of your Transfer and Mortgage Document showing the registration numbers along with the closing Statement of Adjustments showing receipt of all funds paid to my office and how these funds were disbursed by the office of Patricia D. Wright, Notary Public.

  5. If your title is subject to any seller’s encumbrances which you are not assuming, the office of Patricia D. Wright, Notary Public, will obtain an up-to-date title search or State of Title Certificate for your lender and send a copy to you when Patricia D. Wright, Notary Public, has been advised by the seller’s lawyer or notary that your new title has been cleared of the encumbrances which the offices of Patricia D. Wright, Notary Public, will continually follow up on until this has been completed.

As you can see, the number of documents required to conclude your purchase are numerous. Court cases constantly change "the rules of the deal". Therefore, a Real 
Estate notary or notary practicing in this field must be current with any change that 
may affect your transaction.

Each real estate purchase is unique because it is your real estate purchase. You must be fully advised of all the possible consequences that may result from your buying a property. One day you will be a seller and you do not want to discover problems that should have been resolved when you bought the property. That is why the office of Patricia D. Wright, Notary Public, has prepared this package of information for you; therefore, after reviewing this information very carefully, if you should have any questions about anything associated with your purchase, please do not hesitate to 
contact Patricia Wright. The office of Patricia D. Wright, Notary Public, sincerely hope that you will find our services are rendered in a relaxed professional manner at a reasonable cost making this experience a less stressful one. Our office is here to help you and hopefully we can make this transaction a pleasurable experience. Most of all, we hope you enjoy your new home once you have moved in!

 

Helpful Moving Hints

Below is a helpful lists of contacts (in addition to family and friends) that should be notified of your new address:

  • Hydro/Gas

  • Garbage (special pick-up)

  • Telephone

  • Appliance services

  • Cable TV

  • Internet service providers

  • Lawn and garden services

  • Doctor

  • Dentist

  • Broker

  • Veterinarian

  • Banks

  • Finance companies

  • Credit card companies

  • Charge accounts

  • Department stores

  • Insurance Agencies

  • Housecleaning service

  • Private milk or water delivery service

  • Post office

  • Veterans Affairs

  • Revenue Canada

  • Family Allowance

  • Old age security

  • Canada Pension Plan

  • Employment Insurance

  • Magazines

  • Health and Hospital Insurance

  • Vehicle registration

  • Driving license

  • Newspapers

  • Company pension office

  • Union pension office

 

Waiver and Disclaimer

Please note that the information provided on this website is meant for general information purposes only and not as legal advice or notarial advice.  This information on the site is provided to assist both our present and future clients.  Each transaction and its surrounding circumstances are unique and each file handled by our firm is treated as such.  Hopefully, you will find our website contains useful information that will assist you when you are planning to purchase a property or when you require a Mortgage, Will or other Notarial Service.  By entering into our site, you fully release Patricia D. Wright, Notary Public, and her office of any and all liability that may arise from your use of the information contained therein.  Again, this is not legal advice or notarial advice.  You are further notified that any dissemination, distribution or copy of this site is strictly prohibited.