When it is time to close, you may think that it is the end of the road and all will be easy and well. But as it turns out, closing day can be one of the most stressful days of the entire process. Let us get you through closing day.
General practices will often vary but you will find yourself working with several different parties throughout the process of closing. You will find yourself interacting with, the seller or builder, the realtor, a lawyer/ closing agent/ notary and the lawyer or notary of the seller. There will be several financial and legal documents for you to review at closing. There will also be the closing costs which will be many fees including;
- Your down payment
- PST and mortgage insurance premiums
- Title insurance
- Land transfer tax
- Property tax
- Utility bill adjustments
- Notarial or Legal fees and disbursements Upgrades for your new home construction
Additional Closing Costs
In addition to the above-mentioned costs, you can also have costs related to appliances, furniture and carpeting.
What to Bring to Closing
You should bring to closing, a bank draft for the amount of your closing cost balance. You can find this amount for closing on the document labelled the “buyer’s statement of adjustments”. You will also need to bring your proof of property insurance along with two different forms of ID.
What to Do Before Closing
Ensure you review all documents. This way you have a better understanding of your mortgage, the various fees, the interest rate, the schedule and the payment amount. If you need confirmation, ask questions before you sign any documents. All the experts will be there to answer the questions you have.
When you are comfortable with everything you can now sign your closing documents and the keys to your new home!