In the last six months, merely finding a home in Kelowna has become very difficult as more and more Buyers enter the area for jobs, lifestyle and retirement… and once you have found your dream home… what do you do next?
- Due your “Due Diligence”; call your real estate lawyer to review you title and work through the subject conditions on the property, don’t be in a rush to move into a home your don’t know everything about;
- Finalize your Lending or Financing Commitment with your banker or brokers
- Get a Home Inspection (remember the standard contract contains no assurances about the quality of any home – buyer beware)
- Estimate your closing costs (Pihl Closing Cost Calculator)
- Once your are completely confident, – Remove Subject Conditions with your Realtor
- Instruct your Realtor to send “conveyance instructions” to your real estate lawyer
- Instruct your Broker/ Banker to send “mortgage instructions” to your real estate lawyer.
- Call the Movers and Utility Providers to arrange dates
- Attend at your real estate lawyers office a few days prior to closing to sign the mortgage and transfer documents.
- Deliver a bank draft for the “balance to complete” the transaction to your lawyers office (the remainder of your down payment plus closing costs)
- Your lawyers close your transaction on the closing date
- You move in on the possession date
Written by Kelowna Real Estate Lawyer Peter Borszcz.