Buying a home is possibly one of the most significant and costly purchases in one’s lifetime. Finding that picture – perfect home and probably feeling, to some extent, a little overwhelmed is common.
However, getting to the stage of closing and what to expect is often a thought that goes overlooked. A question to ask yourself is, how prepared are you for that day? After all, this is the time when you will legally commit to your mortgage loan. All the more reason for you to be prepared in advance, before the day approaches. That said, familiarity with your closing team, is also fundamental. There are a number of people you will encounter throughout the closing process and although closing methods may differ your team will likely consist of:
– Real estate agents representing both buyer and seller
– Your lawyer
– The seller’s lawyer
– A representative from your lender
Lawyers and mortgage lenders are required to obtain identification documents from you, thus having the appropriate identification is an additional legal requirement for you to consider. When the time comes to sign your real estate documents, two forms of identification must be provided. One must be government issued photo I.D. such as an Ontario drivers licence or a Canadian passport. The other piece, can be a credit card or social insurance card. Your lawyer will document the details from the required I.D., as well as your occupation. If the need for review should arise, identity verification of the persons buying or selling property in Canada is easily obtained.
At the same time, remember to take all the time you need and ask all the questions that are on your mind. Purchasing a home, is a long-term financial commitment and essentially you want ensure you are content with all aspects of the transaction.
At Devry Smith Frank LLP, we are well equipped to handle a vast range of matters pertaining to real estate and property transactions. We aim to provide promptness, precision and understanding to all our clients, engaging with you from the beginning stages of your purchasing journey to the closing of your dream property. Communicating any vague or unclear legal terminology encountered along the way, in simple terms. Our aim is to make the course of your property buying experience a stress-free process.
Contact Robert Adourian, of Devry Smith Frank LLP, for experienced assistance with both commercial and residential real estate.
Robert.Adourian@devrylaw.ca or 416-446-3303
“This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.”