The lender that’s issuing your pre-approved mortgage now has to take a look at the property for the purpose of conducting an appraisal. It is at this time that the appraiser will look for issues like mold, asbestos and structural issues, to ensure that the property meets the criteria outlined in the mortgage approval agreement. 7). Close on the property. After all conditions between the lender, the seller and the new homeowner are met, it’s time to close. This is what it’s all about! And quite a lot is required to finalize your exciting new purchase. ● ● ● ●
A deposit of 3% to 5% of the home’s price must be paid. This is done via certified cheque or bank draft. The mortgage lender releases the loan to your mortgage broker. After giving your broker all of the money for related closing costs, this money will be sent to the seller’s lawyer. Your mortgage broker signs the remaining paperwork, including title and house registration in your name. The keys to your new home are placed in your hands.
Ross Taylor & Associates 5050 Dufferin Street, Suite #213 North York ON M3H 5T5 (416)989-1000
10 Steps to follow in Buying Home