What's the difference between a deposit and down payment?
While both involve money paid by the buyer, a deposit is a show of good faith during the offer stage, held in trust until closing process. A down payment, on the other hand, is a larger portion of the property’s price, paid at closing and contributing to the overall purchase.
Can contingencies be waived?
Yes, the buyer can waive contingencies if they’re confident about the property’s condition and their financing. However, waiving contingencies carries risks, so it’s crucial to carefully consider the decision and consult professionals.
What happens if title issues are discovered after closing?
If title issues arise after closing, title insurance can provide coverage and financial protection. It’s advisable to address title issues before closing, but having title insurance in place can offer peace of mind.
Are closing costs fixed, or can they vary?
Closing costs can vary based on factors like property price, location, and specific circumstances. It’s essential to get estimates from professionals to anticipate the total costs involved in your specific transaction.
Can I request adjustments for improvements made to the property after the agreement is signed?
Adjustments typically account for property expenses up to the closing date. Improvements made after the agreement is signed might not be factored into adjustments, so it’s important to negotiate such matters before finalizing the agreement.
What if a seller doesn't fulfill agreed-upon repairs before closing?
If repairs aren’t completed as agreed, you can negotiate with the seller for remedies, such as a price reduction or holding a portion of the funds in escrow until the repairs are completed.
Should I hire a real estate agent if I'm buying/selling in Ontario?
While not mandatory, hiring a real estate agent can offer numerous benefits. They provide expertise, negotiation skills, and guidance through the complex closing process, making it smoother and less stressful.
Do I need a lawyer for closing in Ontario?
While Ontario doesn’t mandate lawyers for real estate transactions, having a lawyer can offer legal expertise, ensure accurate paperwork, and handle potential issues that might arise during the closing process
How long does the closing day process usually take?
Closing day processes can vary, but they generally involve the transfer of funds, exchange of keys, and signing of documents. Depending on various factors, the process might take a few hours to complete.
What happens if there's a delay in the closing process?
Delays can happen due to unforeseen circumstances. If you’re encountering delays, ensure clear communication between all parties involved. Furthermore, work with your professionals to address and resolve any issues promptly.
What post-closing tasks should I prioritize?
After closing, tasks include updating utility accounts, notifying relevant parties of your ownership, and ensuring fulfillment of agreed-upon post-closing actions. Prioritize these tasks to smoothly transition into your new property.