Excited as you may be, you’ll need to stay on top of it to close your real estate transaction on time.
Axess Law is there for you. We process real estate deals across Ontario, by video call or in person, 7 days a week, day or evening.
Here’s a list of documents you need to close your home purchase in Ontario. We explain what you need, where to find it and why we require your legal and property documents.
Documents You Need For Closing
Agreement of Purchase and Sale
Before or after you sign, bring us your agreement of purchase and sale. We can advise on clauses to include or point out deadlines you must meet and obligations your legal contract creates for you. Our licensed real estate lawyers open a file as soon as we meet you.
Mortgage Lender Details
Mortgaging your new property or adding a home equity line of credit (HELOC)? Give us your mortgage lender’s contact information. Our lawyers liaise with your lender to discharge existing mortgages and confirm new mortgage financing.
Fire Insurance Binder/Certificate of Insurance
Fire insurance is mandatory in Ontario when you have a mortgage. Your proposed insurer will give you a one-page fire insurance binder, otherwise called a certificate of insurance, to pass on to us. Our lawyers confirm the certificate is valid and forward it to your mortgage lender.
Condominium corporations carry fire insurance for the whole building, including common parts of your unit, such as balconies. The details are contained in the condo status certificate you provide to us. We’ll touch on that next.
While fire insurance is not required by individual owners, we highly recommend insuring your own unit and its contents. Liability insurance can cover you if anything you do or fail to do damages other units, such as a fire inside your unit.
When you buy a condo unit, request a status certificate from the seller’s realtor or the condominium corporation’s property management firm. Certificates cost about $100. Request yours asap — they can take up to 10 business days,
What to know about buying a condo — call us for condo lawyers (Toronto, GTA and Ottawa).
The status certificate includes information on the condominium corporation’s physical and financial status. Our lawyers review this information to ensure fire insurance for common elements is in place.
We point out any issues you may not know about, such as if the seller is current with their monthly condo fees or major repairs are planned that could affect your budget.
Prior to closing, Axess Law will ask you for two pieces of I.D. Proving your identity is obligatory to prevent mortgage and title fraud. You may use either two pieces of primary I.D. or one primary and one secondary I.D.
How to stop title fraud that can cost you your home.
Primary I.D. — Ontario driver’s licence, passport, Ontario photo card, Canadian citizenship card with photo or Canadian permanent resident card with photo.
Secondary I.D. — Birth certificate, social insurance card or major credit card with your name on it.
Bank Draft/Certified Cheque
As closing day draws near, your Axess Law lawyer will contact you to finalize the amount you need to bring to our office to conclude your home purchase. The funds you owe are based on disbursements such as property taxes — you pay the balance of taxes owing for the year, depending on what month you take possession.
Title search and property registration fees and mortgage insurance for high-ratio mortgages from CMHC and like are included in adjustments. So are provincial land transfer tax, plus municipal land transfer tax in Toronto, minus first-time home buyer rebates.
We will know the exact amount owing on your statement of adjustments right before closing.
What to Expect on Closing Day
On closing day, your bank, credit union or private lender transfers your mortgage funds to Axess Law’s secured trust account. Our mortgage lawyers pass that, and any closing funds you gave us, along to the seller’s lawyer.
If you’ve arranged it in advance, you might do a final walk around of your new home, with or without the seller or their agent. After all, you want to know that you’re getting the property in agreed-to condition.
Your title to the property is registered in an Ontario land registry office and the keys to your new home transferred. You’re free to move in — but only if you’ve booked a mover in advance or gotten permission to use the condo elevator when you need it!
Time is of the Essence
Collecting all your documents together takes time, but delivering documents when and as they are needed will get you into your new home sooner. Call us if you have questions about where to get documents or exactly what you need.
Read about Axess Law’s real estate lawyers in Ontario.
Ontario’s Flat Fee Legal Services
Access lawyers for your next real estate deal for far less than you would normally pay. Axess Law’s real estate lawyers refinance your mortgage starting from $799.99 plus HST or transfer title to a family member for $649.99 and up plus HST.
Our licensed real estate lawyers (Ontario) can liaise with your lender when you refinance your home. We close real estate transactions if you decide to sell. We have lawyers near you who can transfer title to a property to a family member who plans to take over your mortgage.
Close real estate purchases for $999.99 and up plus HST. Selling your home? You pay $799.99 and up plus HST at Axess Law Ontario.
Make Appointments Online or by Phone
Our virtual real estate lawyers can go online remotely with you, anywhere you are in Ontario. Make an appointment with a remote lawyer near you by dialing toll free to 877-552-9377 or call our 647-479-0118 lawyer line in Toronto. Using our online booking form to make appointments takes just minutes
When you’d rather meet in person, call us or book online to get your mortgage documents or title transfer in order. We have day or evening appointments 7 days a week at Axess Law locations in Greater Toronto Area or Ottawa. Try our onsite parking or take the bus for easy transit access.
Click here to learn more about Axess Law’s real estate law services.