Buying a home a checklist
What is needed when buying a home? There are common requirements for every file, and at a minimum, you will need the following things outlined in our Purchasers Initial Checklist:
- Copies of the Agreement of Purchase and Sale, Amendments, Waivers and any other documents you have signed with the Seller.
- Forms and documents can be mailed, faxed or emailed to a member of our team. Never hesitate to call to ensure that your documents were received, and to make sure our copies are legible and complete.
- Two pieces of ID
- In order to process your transaction, legislation mandates that we verify the identity of our clients. Therefore, we will need to inspect two (2) Pieces of ID, one of which must be government issued photo ID, such as a passport, driver’s licence, Firearm Acquisition Certificate, Citizenship Card, etc. We will need to see an original, and we will need to photocopy the front and back of your ID.
- Mortgage Instructions
- If you intend to take out a mortgage, you will need to arrange for the bank to send us the “Mortgage Instructions.” Usually, providing our contact information to the lender will be enough, but it is good practice to provide our office with a contact person we can deal with to ensure this is done. You may need to give your lender permission to talk with us, for privacy reasons.
- Proof of Insurance
- If you plan to take out a mortgage, you will definitely need fire insurance. Your insurance company or broker will need to send us a “Binder Letter” or other proof of insurance. The Binder Letter must show your mortgage company as “first loss payee.” Even if you do not intend to have a mortgage, we strongly urge you to maintain full insurance over the property, to protect your investment. Your broker or agent may send this by fax or by email, at least 72 hours before closing.
- Contact utility companies
- The utility companies will want to make arrangements with you for billing and any rental agreements. Make sure you contact all of the major service providers for water, gas, electrical, phone, internet, cable or any other services you will require. You will need to confirm to them that the deal closed, and you will want to ask for a meter reading to be done on the date of closing to make sure that you aren’t paying someone else’s bills.
- Independent Legal Advice (“ILA”)
- If you have complicated arrangements, such as a family member going on title who will not live at the property, or another person is acting as Guarantor on your mortgage, they will more than likely need ILA. They should arrange ILA in advance so that they can co-ordinate with our office to ensure a smooth closing. If you will not be residing at the property, we will need your mailing address and contact information for matters that may arise after closing.
- Property Use Discussion
- In addition, our office needs to know about any other information you consider important. Planning on building a pool? Planning on renting out the basement? We can only comment on these issues if we know that these are issues that affect your decision making. It is important that you feel comfortable discussing your transaction with us, so that we can do the best job possible for you.
- Other requirements may be set out in the Agreement of Purchase and Sale or the Mortgage Instructions. Our staff will advise you as soon as possible about any other documents we may require. This may include anything needed to qualify for your mortgage, such as proof of down payment, employment letters, tax information, credit information; the list goes on and on.
Our best advice is to carefully review all of the documents you are signing to keep fully informed of what you will need to close your deal.