Closing On Your Home Purchase | Toronto Mortgages
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Barry Byers
May 8, 2013, 9:40:08 PM5/8/13
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Please consider this free-reprint article written by:
Barry Byers
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Article Title: Closing On Your Home Purchase | Toronto Mortgages
Author: Barry Byers
Word Count: 538
Article URL: http://www.isnare.com/?aid=208158&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=208158
Easy Publish Tool: http://www.isnare.com/html.php?aid=208158
*********************** ARTICLE START ***********************
This is the final step. You've found the perfect house. You're happy with your mortgage arrangements. Now it's time to close the deal. Closing is a process where all legal and financial obligations, which were stated in your "Offer of Purchase", have all been made.
There are many things to keep in mind for the closing to go smoothly. Here are the steps:
� Give a copy of your purchase offer to your lawyer and have him or her go over the terms and conditions.
� Meet all the conditions of the offer by a specified date.
� A land survey is completed.
� Complete all the various inspections including a home inspection.
� Have your lawyer carry out title searches.
� Your lawyer will check into taxes and liens.
� Make sure you have made all the necessary payments, including a deposit.
� Check to make sure all property taxes are up to date (lawyer).
� Finalize all your mortgage paperwork (lawyer).
� Arrange for utilities to be connected to your new home.
� Confirm the purchase price, the balance of the deposit and any other adjustments by having your lawyer prepare a statement of adjustment.
� Once all of the above are complete, you need to sign a cheque and pay all remaining legal fees.
Closing Day
This is the day you take possession of our new home and you get your keys. But much more happens on Closing Day.
� Your lender provides the mortgage money to your lawyer.
� You provide the balance of the purchase price to your lawyer.
� You pay all legal fees, disbursements, and land transfer taxes.
Closing Day Defined
Adjustments and Closing Costs
In order to register a deed, you have to pay Registry Office fees and the Land Transfer Taxes.
Land Transfer Taxes
A land transfer tax is usually paid to the province at the time you or your lawyer register your transfer and deed. This tax is calculated as a percentage of the purchase price. If you are a first time home buyer of a new home, you are given a bit of a break.
Right of Inspection
Usually, the vendor is not required to allow you to inspect the premises prior to closing. However, sometimes this can be worked out between you and the vendor and it is recommended that you do inspect the premises if possible.
Decide on your mortgage lender with the same care you would bring in a business partner. When times get tough and you need a a lender to stick through tough times with you,you will quickly find out if they are someone you would want in a foxhole with you.
The last thing you want is a lender who is more concerned about percentages than in your historical payment performance.
Build a relationship with your lender and keep them informed as if you are put in to a position to change the structure of your mortgage. Having a lender as a business partner can be a significant advantage in tough times.
About The Author: Barry Byers is a local business marketing expert with http://www.searchenginesimi.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=208158
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Barry Byers
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=208158
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=208158
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Closing On Your Home Purchase | Toronto Mortgages
Author: Barry Byers
Word Count: 538
Article URL: http://www.isnare.com/?aid=208158&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=208158
Easy Publish Tool: http://www.isnare.com/html.php?aid=208158
*********************** ARTICLE START ***********************
This is the final step. You've found the perfect house. You're happy with your mortgage arrangements. Now it's time to close the deal. Closing is a process where all legal and financial obligations, which were stated in your "Offer of Purchase", have all been made.
There are many things to keep in mind for the closing to go smoothly. Here are the steps:
� Give a copy of your purchase offer to your lawyer and have him or her go over the terms and conditions.
� Meet all the conditions of the offer by a specified date.
� A land survey is completed.
� Complete all the various inspections including a home inspection.
� Have your lawyer carry out title searches.
� Your lawyer will check into taxes and liens.
� Make sure you have made all the necessary payments, including a deposit.
� Check to make sure all property taxes are up to date (lawyer).
� Finalize all your mortgage paperwork (lawyer).
� Arrange for utilities to be connected to your new home.
� Confirm the purchase price, the balance of the deposit and any other adjustments by having your lawyer prepare a statement of adjustment.
� Once all of the above are complete, you need to sign a cheque and pay all remaining legal fees.
Closing Day
This is the day you take possession of our new home and you get your keys. But much more happens on Closing Day.
� Your lender provides the mortgage money to your lawyer.
� You provide the balance of the purchase price to your lawyer.
� You pay all legal fees, disbursements, and land transfer taxes.
Closing Day Defined
Adjustments and Closing Costs
In order to register a deed, you have to pay Registry Office fees and the Land Transfer Taxes.
Land Transfer Taxes
A land transfer tax is usually paid to the province at the time you or your lawyer register your transfer and deed. This tax is calculated as a percentage of the purchase price. If you are a first time home buyer of a new home, you are given a bit of a break.
Right of Inspection
Usually, the vendor is not required to allow you to inspect the premises prior to closing. However, sometimes this can be worked out between you and the vendor and it is recommended that you do inspect the premises if possible.
Decide on your mortgage lender with the same care you would bring in a business partner. When times get tough and you need a a lender to stick through tough times with you,you will quickly find out if they are someone you would want in a foxhole with you.
The last thing you want is a lender who is more concerned about percentages than in your historical payment performance.
Build a relationship with your lender and keep them informed as if you are put in to a position to change the structure of your mortgage. Having a lender as a business partner can be a significant advantage in tough times.
About The Author: Barry Byers is a local business marketing expert with http://www.searchenginesimi.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=208158
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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