Your lender will arrange for an appraisal of the property to assess its value. * Once complete, they'll share the appraised value with your mortgage broker, which helps determine your final mortgage amount.



Your mortgage broker will then prepare your mortgage documents for signing. This typically happens a few days before your closing date.



*A quick note: appraisals generally come in close to your purchase price. In the event the appraisal comes in lower than expected, please keep in mind that you would be responsible for covering that difference, since lenders base your mortgage amount on the lower of the two values.

The final signing will take place with your lawyer prior to or on the closing day. The paperwork may be signed in person at your lawyer's office or virtually if offered by your selected lawyer.

Some lawyers take care of transferring the utilities from the previous owner to you. It is best to confirm with your selected lawyer or your agent.

To complete the process, your lender will give your lawyer the mortgage money. You will then give your lawyer the down payment (minus the deposit) and the closing costs (usually 1.5% to 4% of the purchase price).



Your lawyer/notary will then pay the seller, register the home in your name and will provide you with the deed as well as the keys to your new home. In some circumstances, the keys can be provided to you before the closing; if not, they will be released on the closing day itself.

Aside from your lawyer's fees, you'll also want to budget for a few other closing costs. This includes Land Transfer Tax, calculated based on your purchase price (plus an additional municipal Land Transfer Tax if the property is in Toronto), and title insurance, a one-time premium typically arranged through your lawyer to protect against title defects or fraud. If your mortgage is insured (e.g., through CMHC), you'll also be responsible for the provincial sales tax on the insurance premium, due at closing. You'll also need to have home insurance in place, as your lender will require proof of coverage before releasing funds.



You may also be responsible for closing adjustments related to any expenses the seller has already pre-paid on the property (such as property taxes or condo fees, if applicable) that cover a period extending beyond your closing date. Since you'll benefit from that coverage once you take ownership, you'll need to reimburse the seller for their portion. Your lawyer will calculate these adjustments prior to closing. On closing day, this amount will appear as a credit to the seller, prorated based on the applicable period.



Your lawyer can confirm the exact figures for your specific transaction.



Your sale will technically be complete once the lawyer registers the title transfer in the Land Registry System and releases the key.



Closings typically happen later in the day, and you should be aware of this when scheduling your move.



With a condo, you will have to consider any of the condo rules and regulations about moving, especially planning to book a moving elevator with the property management. Typically, you will have to leave a deposit for booking a moving elevator, and the condo corporation will have rules or regulations surrounding which times you can book. As closings can happen later in the day, it is best to plan your move around this.

You'll receive your keys on your closing date, once the transaction has officially closed. Typically, they'll be waiting for you at your lawyer's office, though in some cases they may instead be picked up from the seller's lawyer's office, depending on the arrangement made between the lawyers.



Occasionally, a second set of keys is left in a lockbox at the property or with the listing brokerage. If that's the case for your transaction, we'll do our best to keep you updated, along with your lawyer.

Maintenance fees are typically paid either by automatic withdrawal or by cheque, and this needs to be set up directly with your condo's property management company. They'll usually have a form for you to fill out to set up payment. If you'd like your fees withdrawn automatically, you'll need to provide a void cheque.



It's also worth noting when these payments come out. Your mortgage payment is often withdrawn on the 1st of the month, but your maintenance fees may be withdrawn on a different date. To confirm the exact date, check directly with your property management company.

It’s entirely up to you. Choosing to work with a mortgage broker is a good alternative to going through a bank. A licensed mortgage broker has access to multiple lenders and mortgage rates. Mortgage Brokers “shop around”, negotiate for you and find you the lowest rates whereas banks are only allowed to offer you their own rates and products. You do not have to pay a Mortgage Broker to use their service. They are paid by the lender through commission once they secure a mortgage for their clients. If this is an option you are considering, let us know and we can introduce you to our preferred mortgage brokers.

A home inspector is an individual that inspects a home for any potential issues that could otherwise be missed by the Buyer. The cost of a home inspection depends on the size of the home, but you can expect to pay any from $400 to $600 for a full inspection.



We have a list of preferred home inspectors who are trusted and reputable, and we would be happy to provide this to you. If your agreement is conditional on a home inspection, we will help facilitate booking this for you.