Congratulations! It has been an amazing journey to get here and it means you are just a few steps away from getting the keys to your new home!
- Have you received a letter or email from your mortgage broker/representative that you have been un-conditionally approved for your mortgage?
- Have you addressed (in writing) all the defects, damages or concerns resulting out of the home inspections with the seller?
- Are there any additional questions regarding the Condominium Documents that have not been addressed?
- Have you received the appropriate approvals for Pets?
- Have you verified that there are no additional restrictions in the bylaws that may not have been listed but identified in the bylaws? (Age, development or pets restrictions?)
- Have you confirmed the location of the parking stall/storage and verify if there are any additional lease expenses you are responsible for?
- Have you confirmed who the utilities will be through and how they can be paid?
- Have you had a chance to review the RMS (measurements) report?
- Have you had a chance to review the RPR (surveyors) report?
- Have you chatted with the property management to determine the move in process, elevator bookings and condo fee payment?
- Will there be any expenses involved for moving in such as deposits for elevators or moving in general?
- If you are renovation, have you determined the proper process for seeking board approval for the renovation including but not limited to materials you are allowed to use and construction restrictions listed in the bylaws?
- Are there any lawyer-related concerns regarding the closing process, title transfer or addressing defects remaining?
This is the last steps before you release your rights to the deposit as it goes towards your downpayment and closing costs, you would want to to ensure every detail is covered and that there are no surprises ahead!
It is advised to involve your lawyer as early on in the buying process as possible. I would encourage the lawyers involvement after an offer has been accepted and signed by both parties. By involving your lawyer before conditions have been lifted, your lawyer will have a chance to review and advise you in the event an issue arises. It is when the home is still under conditional stage that you can potentially negotiate or re-negotiate the terms the that better addresses your concern.
A waiver of conditions is a document identifying your intent to waive or remove the conditions listed in the Offer to Purchase. For a home to be “SOLD” all conditions have to be lifted. Accompanying the Waiver, you should know who you would want to represent you on the closing process. Generally the Seller’s brokerage conveyancing department will send closing instructions for your lawyer to begin working on the closing process and transferring ownership in anticipation for the closing day.
