Tom Smok – Real Estate

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Closing Day

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Closing day refers to the date mutually concluded to by the seller and customer for the moving of funds, title and the keys. This is often a difficult time for both parties considering that this might be the biggest sale or purchase of a lifetime.

Buyer Preparations
The purchaser must review the closing statement meticulously and double-check the calculations. Review the lender, title and escrow costs to ensure that what was discussed is precisely reflected in the paperwork.

You should also review the precise legal outline of the property and any liens, impediments or other items which may have been discovered in regard to the property. Also make sure that the title or escrow agent has the correct title on the deed. Correcting a vesting on a deed later can be time consuming.

Buyers should also prepare to re-inspect the property just prior to closing. This will avoid any evil surprises on moving day. On or after closing day, customers have less leverage to demand that repairs or other promised changes essentially be finished. If the vendor promised to color a fence or empty the pool you’ve a right to demand that these be done.

Before signing your name to any closing document make certain that the interest rates, varied costs and the disposition of the property are all what you agreed to. Honest mistakes have been observed to occur but these errors can be costly.

Seller Preparations
Whenever it’s possible avoid closing on a Friday, at the months end, or before long weekends. If anything goes pear shaped the banks will be closed. As an example, if you’re retiring your mortgage you can face addition interest adjustments if the funds reach the bank too late on a Friday afternoon. The seller might be faced with three extra days of interest ( a few days over a long weekend ).

Don’t forget your utilities. Depending on your jurisdiction, the buyer’s barrister or notary will contact the local water, gas and electricity firms to have the meters read as of closing day. Nonetheless it could be your responsibility so check with your property agent or lawyer previously. This avoids any openings in service for the buyer and extra cost for the vendor. At least a week before the end date, contact your cable television, telefone and Internet service provider if you have one.

Most other services into the home are the responsibility of the vendor. Terminating service on or merely before closing day can save you extra charges. Adjustments There are several adjustments to consider. These are built to settle any cost sustained ( or revenue earned on rental properties ) by either you or the buyer as of the day of closing-which is what both parties need. Municipal property taxes, college taxes, monthly condo charges, utilities, and fire insurance ( and sales taxes ) are all common expenses that have to be adjusted at closing. Expenses that haven’t yet been paid, but which are applicable to the time during which you owned the home are similarly pro-rated and reimbursed to the vendor.

Any costs you have prepaid before closing day are pro-rated, with the purchaser reimbursing you for the period in which you now don’t own the property.

Closing day needn’t be stressful if both parties plan ahead and review all documentation carefully.

If the purchaser thinks your home loan, the exceptional principal plus accrued interest and any funds held in your tax account are also adjusted for, as are first and last month’s rent on rental properties. In reality with enough preparation, closing day should be the start of a new chapter for purchaser and seller in their new houses.

Author: Tom Smok Real Estate

I am a Full Time Residential Real Estate Professional passionate about what I do for YOU. I enjoy helping clients buy, sell or invest in Mississauga and Milton real estate. My Customers say I'm client-focused real estate agents who make the Mississauga and Milton home search experience-be it buying, selling, or investing-an outstanding one. I provide access to all properties for sale in Ontario. I show properties on your schedule. I invest in real estate and have extensive experience helping others do the same--if you're interested in finding a great deal, call me at 416-992-5010 A licensed Realtor with Sutton Group - Summit Realty Member of: TORONTO REAL ESTATE BOARD MISSISSAUGA REAL ESTATE BOARD REAL ESTATE COUNCIL OF ONTARIO ONTARIO REAL ESTATE ASSOCIATION CANADIAN REAL ESTATE ASSOCIATION I Provide Real Estate Services and Information Regarding Properties For Sale| Home Evaluation and Home Improvement For Mississauga|Toronto|Oakville And Milton Ontario| As your REALTOR®, I will: - Provide you with 10+ Customer Service during the entire process including, taking the time to understand your needs and expectations, returning your calls and being honest with you at all times. - Provide you with Seller Representation Agreement Review - Help you obtain the highest possible price for your house in the shortest amount of time. - Advise you on pricing and assist you with staging your home. - Implement the my marketing plan to market your house through as many channels as possible. - Coordinate the home showing process. - Present all offers and advise you on the terms and contingencies. - Negotiate offers on your behalf. - Schedule and coordinate completion of inspections. - Monitor the buyer’s loan process. - Coordinate and supervise the preparation of all closing documents and guide you through the closing process. - Provide you with Buyer Representation Agreement Review - Buyer Counselling Session - Conduct Property Previews and Showings - Complete Property Search of MLS - Multiple Listing Service - Continuous Follow Up Until Closing and Continuous support after transaction ABOUT THE COMPANY Sutton Group is a Canadian real estate franchise system originating in Vancouver, British Columbia in 1983. Throughout western Canada, Sutton Group maintains a dominant position in the market place. Having come east in the early 1990's Sutton now controls the number 2 market share in virtually every major market and holds down the number 1 spot in several. Across the country, Sutton Group has 190+ offices and 8500+ sales representatives and has a head office in Richmond Hill. Sutton Group - Summit Realty Inc. is located at 1100 Burnthamthorpe Road W. in Mississauga and has approximately 150 sales associates representing a variety of cultures and languages. A full service Real Estate Brokerage, Sutton Summit is dedicated to providing a wide range of Real Estate services to our clients. Our goal is to ensure that we assist with all facets of your move. We will help with everything from the lawyer closing your transaction to a home repair specialist should there be anything in the home that requires special attention and with everything in between.

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