The Buying Process

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Step-By-Step

1. When the Agreement of Purchase and Sale is accepted by the Seller, Royal LePage Wolle Realty will ensure that the copies go to the Buyer's Solicitor (lawyer).

2. If a mortgage is required, we can assist in the mortgage application and mortgage approval process--up to obtaining a Mortgage commitment from a lending institution.

3. When the transaction becomes a binding agreement, the Buyer's Solicitor will search the title to determine:

   • Outstanding work orders issued by the municipality

   • An accurate description of the lawful use of the property

   • Restrictions as to the insurability of the property

   • Encumbrances, liens, easements, restrictions, encroachments or other claims registered on title (eg. Undisclosed mortgages, right of way).
      

4. Buyer's Solicitor makes requisitions to the Seller's Solicitor with the pre-determined date set out in the Agreement of Purchase and Sale.

5. Buyer's Solicitor verifies the financing commitment with the lending institution.

6. When all the searches are satisfied, the Solicitors arrange with the lenders for the transfer of funds.

7. Buyer arranges insurance coverage from the date of closing.

8. Buyer's Solicitor contacts the utility companies and the tax department to determine amounts-if any-in arrears for closing adjustments.

9. Buyer and Seller meet with their respective lawyers to review and sign closing documents (mortgage, deeds, declarations, undertaking etc...).

10. Lawyers from both parties meet on the date of closing to exchange documents, funds and keys and to register all documents on title.