During the process we keep a checklist, to not forget anything. You will receive emails regularly to keep you updated. Here are short snippets with explanations. These snippets are not complete, however they tend to explain the most common questions. Contact us at any given time if you have more questions!
Choose a lawyer
It is advised that you to choose a lawyer as early as possible in the process. Just in case something comes up during the process, we can directly consult with your lawyer. Here are 3 options: Mark Sawyer with Dunphy Best Blocksom. MacKay Law, who has several locations in Calgary. Obviously, you can ask friends and family. But make sure it is a real estate lawyer. Your lawyer will contact you only about 2 weeks before possession. You will have to go in to the office to sign all the documents.
The deposit cheque will be delivered to the selling brokerage. Delivery within a certain time is important (i.e. within 48 hrs after final signing). It will be deposited in a trust account. The deposit will be returned to you, in the event you cannot waive any of your conditions. If you do waive your conditions, it means the house is firm sold to you. Then this deposit goes towards your down payment.
For Fintrac we need to see your ID such as a driver’s license. We also need to fill out your current occupation and the name and address of your employer. Fintrac stands for Financial Transactions and Reports Analysis Centre of Canada. It is Canada’s financial intelligence unit. All realtors must fill out and report any transaction, just like banks, casinos, life insurance companies. They check i.a. on money laundering and crime that involves large amounts of money. For more information on Fintrac, visit the website.
The big day! In the morning of the possession day the monies will transfer from the buying lawyer to the selling lawyer. Only when we receive the phone call from the selling party, we are allowed to enter your new home. Usually this call comes in between noon and 3:00pm. We will discuss with you your preference as to receiving the key.
You have to choose a home inspector. Here are a few options you can contact. x x x. Obviously you can ask around for a home inspector, but please make sure you choose a home inspector who does thermal imaging. During the home inspection, we are not allowed to mingle. We will be present to open up the door, and to lock up. If any issues arise we will jointly discuss the bigger issues. Know that a home inspection is not for anything ecstatically and normal wear and tear. Anything you see with the ‘naked’ eye is what you buy.
An important document related to your home is title. It may show any caveats or encumbrances you as a buyer should know about. We will inform you if any concerns show on title. If need be, we may have to ask your lawyer for advice. Click here for more information on title.
Waivers or non-waivers
Most common conditions are financing, home inspection and condo document review. Hopefully all conditions turn out satisfactory, and you will sign a waiver, which makes the house officially sold to you. Otherwise you will sign a non-waiver, and the contract becomes void. In that case you ‘walk away’ from the house, and the deposit cheque will be returned to you. We may ask you to sign both waivers and non-waivers upfront, to avoid any stress when condition date comes close. Know that these waivers are only valid when we actually send them to the selling party.
The Real Property Report is an important document that can bring potentially many issues to your purchase. Therefor we always try to retrieve the RPR earlier in the process, so we can check for any issues. The lawyer will also check the RPR. But most likely the lawyer will not look at it just a few weeks before possession.
Condo Doc Review
When buying a condo, you will have a condominium document review company looking at the bylaws and financials. Here are a few options for companies to contact. x x x. This condo document review is part of your conditions. If they are not satisfactory, you do not waive that condition, and you can ‘walk away’ from the condo.
If you buy a single family home, you will need to purchase home insurance. If the home insurance is not in place, the lender will not release the money for purchase. If you buy a condo, the building insurance is included in your condo fees. Content insurance is in both cases optional. Start shopping for building insurance a few weeks ahead of time.
It is our task to send all the correct paperwork to our conveyancing department at Real Estate Professionals. The conveyancing department gets all the paperwork ready for your lawyer and the selling lawyer. On the selling side, the same process will take place.
If a seller is married, but only one name is on title, the spouse must give written consent to sell the property. Read more about Dower Rights.
Cash to Close
If a seller is ‘under water’, and owes more on the property, then he sells it for, he may have to come up with cash (to close). It is up to us, to make sure there is enough cash to close, and we find this out by pulling title.