Unlocking Your Future: A Roadmap for Home Buyers in Ontario

Buying a home is an exciting journey, but the final steps can often feel like a whirlwind. To help you prepare for a successful closing, I’ve compiled the answers to the questions most buyers ask.

The Keys to Your New Home

The moment you’ve been waiting for—getting the keys—usually happens in the mid to late afternoon on closing day. You officially take possession once your lawyer confirms the funds have reached the seller’s lawyer and the keys are handed over. It is always best to stay in close contact with your legal counsel for the exact timing.

Navigating Negotiations and Conditions

When you submit a purchase offer, it often includes conditions such as financing, a home inspection, or the sale of your current property. If the seller chooses to counter your offer, you then have the option to accept their terms, reject them, or propose another counteroffer of your own.

What You’ll Find at Your New Property

On closing day, the seller is expected to leave behind essential items for your convenience:

• Documentation: Manuals for appliances and chattels.

• Equipment: Remotes for fireplaces, garage doors, and fans.

• Access: All keys, spares, access cards, and mailbox location details.

   

Planning for Closing Costs

Beyond the purchase price, it is important to have funds set aside for additional expenses:

• Legal Fees: Typically ranging from $1,500 to $2,000.

• Taxes: Land transfer taxes (which vary by location) and HST on new builds or specific services.

• Adjustments: Reimbursements to the seller for prepaid items like property taxes or utilities.

• Inspections: Fees for professional home inspections if they haven’t been settled.