Your lender will schedule an appraisal to be completed on the property to assess its value*. Once completed, the lender will provide the properties assessed value to your mortgage broker. This will affect the amount they will lend to you for your new mortgage.



Your mortgage broker will prepare all of the documents for you to sign off on for your new mortgage. Signing for the mortgage documents typically occurs a couple of days before your closing date.



*Please note, the appraisal should come in at around the same price at which you purchased your property. If the appraisal comes in at a higher price, unfortunately, you will still be responsible to pay for the difference.

The final signing will take place at your lawyer's office prior to or on the closing day. The paperwork is required to be signed at your lawyer/notary’s office in person. At this time, paperwork is not able to be electronically signed. If you are not able to be physically present because you are out of the country, you will be required to visit a lawyer/notary in your area and have them forward the documents to your acting lawyer here.

Some lawyers take care of transferring the utilities from the previous owner to you.

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, real estate and closing fees, you may be subject to pay adjustments on closing for any fees or expenses you pre-paid by the seller for the property (taxes, condo fees, etc.). This will be adjusted by the lawyer prior to closing. On closing, this will be a credit to the Seller, and prorated to the applicable payment owed to the Seller.

Please be sure to stop any future payments (pre-authorized debits or post-dated cheques) that occur after your closing date.

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 will receive your keys on the closing date and usually the keys will be located at your lawyer’s office but they can also be arranged to be picked up at the Seller’s lawyer's office, depending on what was arranged with your lawyers/you.



In some cases, a secondary set of keys is sometimes made available via lockbox at the property or the listing brokerage. We will do our best to keep you apprised of this, along with your lawyer.

The maintenance fees will often be paid via automatic withdrawal or by cheque. This will have to be set up with the Property Management of your Condo. They will most likely have a form that you must fill out, where you will identify what your maintenance fees are, etc. You will have to provide a void cheque if you would like the funds to be automatically withdrawn from your account.



It is important to note when these payments will come out as the mortgage is often taken on the 1st of every month, whereas the maintenance fees can be taken out on a different date. To determine which date this will come out, it is best to re-confirm with Property Management.

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 inspector depends on the size of the home, but you can expect to pay any from $200 to $400 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.