From Curiosity to Closing: The Process of a Successful Real Estate Transaction

Whether it’s a condo, townhouse or detached freehold, a home is so much more than a roof over your head. It’s a place to live and grow, raise a family, or make a life all your own. And with a resilient Ontario real estate market, home ownership is an investment in your financial future.

Buying a home is a significant decision, and the largest purchase most people will make in their entire lives. From initial interest to final closing, a successful real estate transaction is dependent on the completion of many steps. Keep reading to learn the ins and outs of becoming a homeowner, and how an experienced Ontario real estate lawyer can help.

Home is Where the Heart Is—But Keep a Clear Head

It all starts with you: what you want, where you want it, and whether you can afford it. Allow yourself time to envision a home that meets as many of your practical needs as possible. Home type, age, square footage and location are among the numerous qualities that will guide your decision.

Dollars and Sense

What ultimately determines your choice is money. Most homebuyers require a mortgage. Seeking preapproval—a commitment for a specified amount at an agreed-upon rate from a financial institution or private lender—is of benefit. Doing so will help you secure a fair rate and better understand what is within your budget, allowing you to more easily move forward.

A Professional’s Touch

Preapproved for a mortgage and found a property in which you’re interested? Talk to an experienced realtor and real estate lawyer. The former coordinates sales, negotiates prices and advocates for clients; the latter provides a multitude of legal services related to property sales and acquisition.

From holding documents and money, to keeping safe a copy of your offer to purchase and performing a title search—ensuring there are no liens, mortgages or judgements against the property—a real estate lawyer helps protect homebuyers from unforeseen issues and unsafe purchases.

See it to Believe It

Having an independent home and pest inspection performed—especially on an older dwelling—is wise. Inspectors visually assess windows, doors, HVAC, insulation, plumbing, flooring and more, and look for signs of termites, carpenter ants and other pests that can threaten a home’s structural integrity. Offers made contingent on a satisfactory inspection may be withdrawn or negotiated if problems are discovered. And remember to perform a final walkthrough with your realtor present, to ensure that conditions set out have been met.

Preparation is Everything

Ready to purchase? Your real estate lawyer will prepare and review all final closing documents, communicating and exchanging documentation with the seller’s lawyer. Following payment required to close the sale, keys to your new home are released.

Congratulations! With an experienced real estate lawyer at your side to protect your interests and assist you throughout the transaction, you’ve made the journey from prospective homebuyer to certified homeowner.