Now that you have found your new home and finalized a mortgage plan, what’s next? It is time to hire a lawyer or notary public to help you with the legal process of closing the purchase of your new home. Here are the steps you will need to take:
1. Employ the services of a lawyer or notary. Ask your other professional you have dealt with for a referral or family and friends that have gone through the process. Make sure to hire someone with experience in real estate closings. Most closings go without issue, but if something unexpected does happen, you will want to make sure your lawyer or notary public has the necessary expertise to deal with it. Contact a lawyer or notary as early as possible in the process to give yourself ample time to find the right person.
2. The lawyer or notary will require information from you, such as how you want to hold title on the property. If you are buying with your partner or spouse, you will likely hold the title as joint tenants, which means that you both own all of the property together. Upon the death of one owner, the property automatically transfers to the survivor outside of their will. You can also hold title to a property is as tenants-in-common, which means each owner owns a fixed percent, which could be 50-50, 60-40 or any other combination. Upon the death of one owner, their share passes according to their will.
3. Your lawyer or notary will conduct a title search and obtains tax information and other information needed to prepare the Statement of Adjustments. This is a balance sheet of the transaction confirming the total funds required after accounting for the deposit and mortgage proceeds. There might be adjustments for taxes, condo fees or rental income.
4. Your lawyer or notary prepares closing documents including mortgage, title transfer, property transfer tax forms and the Statement of Adjustments. They will forward the seller’s closing documents to the seller’s lawyer or notary for processing.
5. One to three days before closing is when you will typically meet with your lawyer or notary to sign documents and deliver the remainder of the down payment.
6. Your lawyer or notary registers the transfer and mortgage documents, arranges for the seller’s lawyer or notary to pick up the funds and notifies you that the purchase is complete.
7. You receive the keys to your new home. Usually, you would receive the house keys directly from your realtor on the possession date set out in the Contract of Purchase and Sale.
8. Move in and enjoy your new home – congratulations! You are officially done the house hunting and signing process and can finally enjoy your new home.
For an experienced notary to take care of all of the rest of your home buying process, call Wendy Fuller Notary Public. With more than a decade of experience in Vancouver, we can help first time home buyers quickly and accurately complete all the paperwork and legal documents that the process entails.