A Buyers Check List When Closing a Home Purchase

1. Before closing, contact insurance agent to arrange homeowners insurance coverage to become effective day of closing. Your insurance agent can give you a "binder" letter certifying coverage is in place. It may be a good idea to make your Offer to Purchase conditional on yo being satisfied with obtaining homeowners insurance and the cost. 2.  Note that most lawyers won't be doing manu of the tasks they need to do for closing until all conditions, usually through your Realtor, are removed from teh agreement.

3.  After conditions are met, your lawyer will begin searching title to the property. This involves going back through government records to ensure a clear title that is transferable.. Electronic registration and title insurance have changed the way titles on properties are transferred.

4.  Your lawyer will ask how you (and others involved in the purchased) want to be registered on title.

5.  Your lawyer will arrange for a survey if one does not exist. This is also a lender requirement. Often title insurance will be acceptable to a lender. It's also less expensive.

6.  Most lenders will have your lawyer draw up the mortgage documents. Your lawyer will act on their behalf as well, saving you money.

7.  Your lawyer will contact the seller's lawyer with any questions or issues regarding title and costs.

8.  Your lawyer will check with local utilities (hydro, gas, water) to ensure there are no outstanding claims.

9.  You should contact the utilities and telephone and cable companies well in advance to arrange fro services in your name.

10.  Your Realtor will arrange for a final walk through of the home before closing.  The Realtor should have made sure that this right is exists in the offer.

11.  Your lawyer is also making sure that property taxes are up-to-date, local zoning and building restrictions have been met and there are no liens on personal property, such as appliances being purchased with the house.

12.  The lawyer will review the draft deed, statement of adjustments and other closing information provided by the seller's lawyer, and will deal with any problems as they arise.

13.  A day or two before closing, you'll meet with your lawyer to go over and sign the closing documents.

14.  Bring a certified cheque to cover closing costs. You'll be informed of the amount in advance.

After the lawyers exchange keys and cheques and then register the deed and mortgage, you're given the keys to your new home. Time to celebrate.