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What would happen if fail to close on closing date?

It’s possible to fail to close on closing date due to many reasons e.g. lender back off on funding due to fraud in documents provided by borrower (buyer) or buyer lost his job (its recommender for buyers to do not change job during closing period or apply for heavy credit [...]

By |2020-04-21T01:57:53+00:00April 21st, 2020||0 Comments

Important things to know

In the event moving to condo apartment make sure to visit the building management office and fill out new occupancy form (if any) and know about the moving in time and service elevator (fill out form, you may need to provide security cheque) beside signing up for condo fees monthly [...]

By |2020-04-21T02:00:17+00:00April 21st, 2020||0 Comments

Closing date

Just few days or a week before closing the buyer solicitor may call the buyer and ask for bunch of documents including identity original documents on behalf of the lender to verify, also to sigh the mortgage agreement and package, most importantly preparing a bank draft addressed to the beneficiary [...]

By |2020-04-21T01:57:07+00:00April 21st, 2020||0 Comments

Prior to closing

A week or so before the closing date the buyer has to get ready and prepare for closing and the most items on checklist are following: All lenders require a fire insurance policy on new property to be applied for effective date to start on closing date unless the fire [...]

By |2020-04-21T01:56:44+00:00April 21st, 2020||0 Comments

Visits

Mostly two visits are recommended to take place excluding the lender appraiser visit. Buyers at first visit may take some measurements for furniture, and at last one buyer may conduct final checkup just few days before closing to make sure everything is in order no damage and nothing is missing, [...]

By |2020-04-21T01:56:18+00:00April 21st, 2020||0 Comments

Deal is firm

When deal or agreement is firm the buyer may forward the entire firm deal package including all of waivers and amendments to the real estate closing solicitor in order to prepare for closing process with buyers lender and conduct a title search two weeks prior to closing in order to [...]

By |2020-04-21T02:00:08+00:00April 21st, 2020||0 Comments

Deal fall through

This term is used when the conditions are not met or expired on deadline without waiving them and in such event the buyer is entitle to get his deposit in full without any deduction so buyer Realtor must prepare a mutual release form click here. The mutual release has to [...]

By |2020-08-18T18:01:41+00:00April 21st, 2020||0 Comments

Conditions options

All of the conditions have 4 options, whether met (waived), need more times (extended use amendment form click here), expired (deal fall through), not met (deal fall through).

By |2020-08-18T18:01:05+00:00April 21st, 2020||0 Comments

Other clauses

Most common other clauses added at the agreement to protect buyers are e.g. two more visits during closing time, delivering the property in clean condition, providing survey documents (mostly required when the property boarders are not clear), and most famously the seller to warrant that the appliance are in good [...]

By |2020-08-18T18:00:26+00:00April 21st, 2020||0 Comments

Status certificate Condition

This condition is mainly used for condo apartments and townhouses even if the townhouse is freehold with common element management, so the condition allow the seller to apply for fresh status certificate document from the condo management company directly or through third parties online mostly at sellers expenses click here, [...]

By |2020-08-18T17:59:46+00:00April 21st, 2020||0 Comments