Home Buyers are understandably excited to move into their new home, however a couple key things need to happen before any #Kelowna #RealEstate transaction is “CLOSED”:
- LENDERS – all the banks conditions need to be satisfied. This may be simple (ex. signing a mortgage) or complex (ex. confirming another home has been sold or a third party debt is paid);
- SELLERS – some Vendors will place conditions on closing that are required under the contract (for example, where there is a Vendor Take Back Mortgage);
- INSURANCE AGENT – if you are getting a mortgage, the insurance needs to be arranged and proof of insurance must be provided to your lawyer (called an “insurance binder”);
- STRATA COUNCIL – if you are buying a strata property, the strata will need to provide a FORM F and FORM B which may require certain payments or conditions on closing;
- MUNICIPALITY and TAXATION AUTHORITIES – Cities, regional districts, and utility providers on title need to provide adjusted fees and verify there are no additional amounts owing;
- GUARANTEED FUNDS IN TRUST – If funds are coming from another sale, that sale must complete before your deal can move forward.
How fast can this happen?… Montgomery Miles & Stone Law Firm has closed deals in as little as 24 hours, but to ensure a smooth and worry free closing, we suggest at least TWO WEEKS between your Subject Removal Date and your Closing Date.
Do you need to close your deal quickly? Contact us at peter@mmslawfirm.ca or 250-980-3360