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Legal obligations

So you’ve made a successful offer to purchase on the home of your dreams — or at least taken that important first step toward home ownership. Now what?  Usually, there is a bit of waiting, as closing periods typically take anywhere from several weeks to a few months. But there are some important things that need to happen right away.

Once your offer has been accepted, there’s usually a 10-day conditional period, during which you take all the necessary steps with regard to financing, home inspection, and everything else that needs to happen before you officially seal the deal. Your mortgage lender will need a copy of the offer to make sure everything is still in order and in keeping with your pre-approved level of financing.

 At the completion of the conditional period, with any adjustments or repairs made to your satisfaction, a Real Estate Hut agent of your choice, will finalize the deal and your lawyer will process the paperwork, including the mortgage documents with your lender. All of this would point to a final date of actual legal possession — the real closing day. At this point:

  1. Your mortgage lender will provide the funds to your lawyer.
  2. You will pay all the remaining closing costs.
  3. Your lawyer pays the seller and registers the home in your name.
  4. You will move all your insurance in place

After that? Congratulations! You’ve done it! Welcome home!

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