Closing Information

You searched through properties and found one you fell in love with. You made the offer and now you have an accepted Agreement of Purchase and Sale. Done right? There are many more steps to complete once you have found your dream home. You probably have conditions such as Financing and Home Inspection, you now need a lawyer etc., the following address some of these areas.

Home Inspections

Purchasing a home is the largest investment you will ever make, a home inspection by a qualified Home Inspector not only provides you with peace of mind but gives you information about the actual condition of the home, explaining any repairs that are needed and the timeframe in which they should be done.

I can personally recommend to you well-known Home Inspectors in our area, and would be happy to explain this process further.

Ask me about monthly specials.

Mortgage Information

As I am sure you know, interest rates have not been this low in over 40 years. What you may not know is every bank does not offer the same rates or terms. I have an in house mortgage specialist who will shop for you through 40 different lenders; your current bank is likely one of those lenders. The difference by doing it this way versus you going to the banks on your own is only one credit report is done and each bank knows that they are competing with 39 other lenders to get your business so they offer you their rock bottom rate, potentially saving you thousands over the term of your mortgage. All of course at no cost to you! There are programs for qualified buyers such as ‘Zero Down Payment’, ‘3-5% Cash Back’, and ‘Purchase Plus Home Improvements’ which in short means home renovation costs can be combined in one low mortgage payment. Please contact me to have this explained in detail.

Legal Services

You will also need to have a lawyer to complete your sale. I can recommend to you lawyers in the Brantford area who specialize in real estate law.

Land Transfer Tax

Land transfer tax is a provincial tax that is charged on the purchase of land at the time of transfer, better know as the closing date. It is calculated based on the purchase price of the land. First time home buyers may be entitled to a refund, that in most cases is instant and requires you to pay nothing at time of closing, up to a maximum of $2,000. The lawyer also completes this at time of closing when the property is registered.

If one party in the purchase has owned land previously but the second party has not, they may be entitled to a 50% rebate.