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Typical Flowchart of events and
sequence when Selling a home
Flow Chart When
Selling or Buying a Home
for a Typical Real Estate Transaction
Including New Mortgage Financing
Note: This flow chart is intended as a guide - a thorough consultation
with a qualified solicitor is required.
First Step: Finding a home and making an Offer to Purchase.
Initially you would have an interview with me (Sales Representative)
or one of my team members to discuss your wants and needs and for me to
explain the entire buying process to you.
- You would visit or call the lender of your choice to obtain mortgage pre-approval.
- You and I would conduct a thorough search of the marketplace and find
the home of your dreams (easier said than done!).
- You would then submit your offer to purchase on the property. Often
you have conditions such as:
i) Confirmation of mortgage final approval
ii) Home inspection approval Home Inspection Issues, concerns, tips and information
iii) Spousal Approval condition or Property Disclosure approval etc.
- The offer is negotiated to acceptable terms and conditions for both parties.
- Seller accepts Purchaser's offer to purchase.
- Your deposit money is placed "in trust" on your behalf in the
real estate brokers trust account until the closing. In Mississauga
the deposit is usually between $5,000 and $10,000 depending upon the property
- Condition removal process: This typically takes from 5 to 10 business
days and usually removed in the following order.
i) Review Property Disclosure & approval.
ii) Have the home inspected by a professional home inspector and then remove
your condition once you are satisfied that the property is in good condition.
iii) Other conditions met & approved.
iv) Confirmation of mortgage final approval
If any of the conditions are found unacceptable to you, the sale
can be and usually is voided.
- Waiver of conditions; as each condition is met you must remove (waive)
the condition(s) from the Offer to Purchase within the predetermined condition
removal time period. If written waivers are not completed and presented
to the Seller within the time frame allowed, the agreement of purchase and
sale may be voided.
- Usual time frame is 3 to 12 days from the time the Offer is accepted to
remove all conditions
Step 2: Taking care of the details before your move.
- The firm agreement of purchase and sale is delivered by me to your lawyer.
- Often you want to estimate what your moving costs will be. Click
here to use a very handy Moving & Storage Calculator.
- About 2 to 3 weeks before the closing you instructs your lawyer how to
complete title description. (How you want your names to be registered on
the title to your property.)
- You make arrangements for transfer & connection of utilities (you
can find local phone numbers here), telephone, mail forwarding etc.
(A moving checklist is available from
me on this website.)
- Instructions to prepare mortgage delivered to your lawyer from your financing
- The seller's lawyer obtains description of property and prepares transfer
deed for execution (signing) by the Seller.
- Seller execute (signs) transfer with their Lawyer.
- Your Mortgage documentation is prepared and finalized.
- The Seller's lawyer delivers transfer of deed and land documents to your
lawyer under trust conditions
- You need to be sure to arrange for home insurance to cover you & mortgage
or you may not be allowed to move into your home until this is finalized
and proof is delivered to your lawyer.
- Pre-Move Checklist is almost complete
- Your Lawyer will calculate the cash balance you will need to close your
home purchase, taking into account all adjustments & fees.
- Your lawyer delivers this "Statement of Adjustments" to you
for your approval and review.
- You would then execute (sign) the transfer & mortgage documents &
deliver cash difference (balance owing) from the Statement of Adjustments.
- Balance owing to the vendor would be forwarded to Seller's lawyer under
- Your Lawyer submits transfer and mortgage documents to Land Registry Office
- Seller's lawyer receives balance owing and holds it "in trust"
- Registration of transfer and mortgage obtained - title is now in your
name subject to any mortgage you had to get to purchase the property.
- Your lawyer requisitions mortgage funds and forwards the mortgage funds
to the Seller's lawyer "in trust" that any unacceptable title
encumbrances be removed.
- Seller's lawyer receives mortgage proceeds and holds "in trust"
- Seller's lawyer obtains discharge of encumbrances and reports to your
lawyer. Then they pay out the Seller's mortgage, if any.
Step 3: Move in time
- The Seller's lawyer releases keys to your solicitor or advises Seller's
Agent to release the keys directly to you or me. (Often prior to lawyer
receiving mortgage proceeds.) 1 - 2 days before the possession day.
- Before or upon receiving the keys you would do a pre or post possession
walk through of home.
- Copy of acceptable title, in your name is delivered to your lawyer
- Your lawyer would also give a final report to your financial institution
- Seller's lawyer reports to Seller: accounts for funds received and releases
funds to Seller.
- You lawyer would give you a final report showing all aspects of the purchase.
- The transaction is now complete!
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