You won the offer on your dreamhouse: And now?

Once your bid for your dream home has been accepted, there is still so much to do before you can call the house trully yours.

After your offer has been accepted, the next thing to do is to meet with your attorney and have her/him explain you all your obligations following from the contract. The attorney should also advise you as to what expenses you are likely to incur with respect to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

It is also necessary to confirm the absence of any arrears or outstanding charges, such as gas, water or hydro expenses. Your attorney does this by sending letters to the municipal or regional utility departments. Another purpose of these letters is to find out if the equipment on the property is rented or owned, and also to inform the utility departments about the planned closing date, the new owner's name and the name of the seller's attorney. These letters also request information as to the type of billing and if the billing is metered.

TAXES

Your attorney will request a Tax Certificate to confirm the current year's taxes amount and to find out any arrears and outstanding charges for taxes, both in the current year and in any previous ones.

BUILDING & ZONING

A letter is sent by your attorney to the Building and Zoning Department together with a copy of the survey for the property to discover the full particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

A Search of title to the property is started in the appropriate division of the Land Registry Office to determine whether or not the seller is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. Also an execution search is done in the appropriate Sheriff's Office to make sure that there are no executions against the seller or previous owners of the property that would affect your title.

FINANCING

While your attorney is going through his initial searches, it is your responsibility to make necessary arrangements for financing. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will require to complete the transaction. On the day of closing, you might not know of all the costs related to mortgage financing. Your attorney will tell you more about these costs when you get the Mortgage Commitment Letter from your selected financial institution.

BEFORE THE DAY OF CLOSING

You will also need a certified cheque to verify the balance of closing funds to your attorney. Bring this with you when you come to sign all the documents needed a few days before the closing.

CLOSING DAY

Yours and the vendor's solicitors will meet at the appropriate Land Registry Office at a time convenient to both of them. They should subsearch the title and complete the final execution searches. Documents, keys and cheques will be exchanged and your attorney will supervise the registration of all necessary documents. After the documents registration, the seller is entitled to get the finances and you can get the keys from your attorney.

AFTER CLOSING

After closing your attorney will prepare a reporting letter to you certifying your title and explaining all details of the transaction. When you move in to your new home check to see that all things in the Agreement of Purchase and Sale specified as included in the purchase price are left on the property by the seller. In case you find out anything is absent, get in touch with your attorney as soon as possible.