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Dave Law Professional Corporation
Dave Law Professional Corporation
Dave Law Professional Corporation
In preparation for the closing of your purchase transaction, you will be required to do the following:
Please provide us with a copy of the Agreement of Purchase and Sale as well as all Notices of Fulfillment and/or Waivers and/or Amendments. Once your offer is accepted, ensure that either you, the builder’s sales representative, or your real estate agent provides us with a copy of the Agreement of Purchase and Sale by facsimile or e-mail well before the deadline for the Title Search (see paragraph 8 on your Agreement, if in OREA standard form). Please note that you are responsible for ensuring that all conditions of your Agreement are satisfied and waived. Provide us with the following information: full name and date of birth; marital status; confirmation of residency; contact information; current address; occupation; confirmation of whether the subject property will be used as your primary family residence; mortgage information, if applicable, such as lender name, branch, and contact person.
Arrange mortgage financing, if required. Advise your lender to send all mortgage documents to our office at least three (3) weeks before the scheduled closing date, if possible. You must make all arrangements directly with your lender concerning frequency and mode of payment. Remember to discuss with your lender any extra charges they might require ( e.g., CMHC or GE charges, administration fees, appraisal fees).
Contact your insurance broker for your fire insurance at least two (2) weeks before the scheduled closing date. Please ensure your insurance broker sends us a copy of the insurance binder before closing. The binder must indicate 1st Mortgagee and 2nd Mortgagee (if applicable) as the institution(s) from which you are borrowing (usually the Head Office address, not the local branch).
Contact your Telephone and/or Cable Company for setup a few weeks before closing.
Contact other utilities to arrange your account. Even though we notify your municipal taxes and water of the ownership change, we encourage you to contact them to supply any information they may need and to arrange special payment programs (i.e., automatic bank withdrawal.) Please note that you are responsible for contacting all utilities directly at least three business days before the closing date.
I will obtain a vendor’s undertaking to pay the final accounts on closing. Please note that Title Insurance does not cover any outstanding final utility bills the vendor does not pay. Title insurance covers arrears up to the final billing only. Should you receive an unpaid account reflecting the last meter reading, this is beyond our initial mandate concerning the completion of your transaction. For any hydro and gas discrepancies, you must contact the utility companies directly to update them accordingly. For any water and tax issues, should you wish to have a letter sent to the vendor’s lawyer concerning payment of the final billing, there will be a $75.00 charge for document preparation, and one follow–up contact. Should this action not resolve the problem, your further option is to take the matter to Stewart Title Insurance and/or Small Claims Court.
We usually contact you three (3) to four (4) business days before the closing date to arrange an appointment to review your file and sign your final documents. This will be the only time we contact you unless any issues arise with your file and/or we require additional information. The final appointment will be held one (1) or two (2) days before your closing day.
This meeting for signatures will take approximately ½ an hour. All owners of the property (or persons with interest, such as consenting spouses) need to be present and sign all relevant documents.
At this time, we will require that you bring the following:
Two pieces of identification (at least one with a photo). The government-issued photo identification document must show the individual’s name, include a photograph of the individual, and have a unique identifier number. Examples of photo identifications are Canadian passport, Permanent resident card, Citizenship card (issued prior to 2012), Secure Certificate of Indian Status, The Department of National Defence (DND) 404 Driver’s Licence, Provincial driver’s licenses, passports, Ontario new photo ID cards, credit cards, and birth certificates.
If you do not have adequate identification, please contact us well before the closing date to discuss.
Certified cheque or bank draft payable to “Dave Law Professional Corporation” in an amount we will advise before the final appointment. The amount payable will cover the following: Land Transfer Tax and registrations of your deed and mortgage(s); balance due to close; our legal fees and disbursements; financial institution’s wire fee (if applicable); and builder’s lawyer fee to prepare deed (for new construction purchases only).
Tarion Warranty Certificate (if purchasing a newly constructed home).
On the day of closing, we will have possession of the keys on or before 5:00 p.m. The actual time depends on the following factors:
the time the seller’s lawyer is prepared to close
the time the mortgage funds arrive at our office (some banks wire the funds only after noon)
high volume of closings in line (mid-month and month-end are particularly busy); and
traffic for couriers delivering funds, keys, etc., to and from the other lawyer’s office involved.
If any concerns arise after closing (e.g., broken appliances, excessive garbage), once again, this is beyond our initial mandate pertaining to the completion of your transaction and will be dealt with as a separate matter; therefore, an additional charge starting at $600.00 + HST will apply to handle any such issues. One letter will be sent to the vendor’s lawyer outlining your concerns. Should this action not resolve the problem, your further option will be to take the matter to Small Claims Court.
