TYPICAL FLOWCHART WHEN BUYING REAL ESTATE IN MISSISSAUGA

Flow Chart When Selling or Buying a Home for a Typical Real Estate
Transaction Including New Mortgage Financing
Note: This flow chart is intended as a guide - a thorough consultation with a qualified solicitor is required.
 

1. Initially the purchaser would have an interview with the Agent (Sales Representative) of their choice to discuss the Purchaser's wants and needs and for the Agent to explain the buying process.
2. Purchaser sees the lender of their choice to obtain mortgage pre-approval.
3. Purchaser would conduct search and find the new home of their dreams (easier said than done!).
4. Purchaser submits their offer to purchase property. Often the Purchaser has conditions such as:
   i) Confirmation of mortgage final approval.
   ii) Home inspection approval.
   iii) Spousal Approval condition or Property Disclosure approval etc.
5. The offer is negotiated to acceptable terms and conditions for both parties.
6. Seller accepts Purchaser's offer to purchase.
7. The purchaser's deposit is placed "in trust" on their behalf. In Mississauga the deposit is usually between $5,000 and $10,000 depending upon the property value.
8. Condition removal process: This typically takes from 5 to 10 business days and usually removed in the following order.
   i) Review Property Disclosure & approval.
   ii) Have the home inspected by a inspection professional & approval.
   iii) Other conditions met & approved.
   iv) Confirmation of mortgage final approval
   If any of the conditions are found unacceptable to the Purchaser, the sale can be and usually is voided.
9. Waiver of conditions; as each condition is met the Purchaser must remove (waive) the condition from the Offer to Purchase within the predetermined condition removal time period. If written waivers are not completed and presented to the Seller within the time frame allowed, the agreement of purchase and sale may be voided.
10. Usual time frame is 3 to 12 days from the time the Offer is accepted to remove all conditions.

Step 2: Taking care of the details before your move.

1. Unconditional offer is delivered by Seller Agent's office to the Purchaser's lawyer.
2. Often you want to estimate what your moving costs will be. Click here to use a very handy Moving & Storage Calculator.
3. About 2 to 3 weeks before the closing the Purchaser instructs their lawyer how to complete title description. (How the Purchaser want their names to be registered on title.)
4. Purchaser will make arrangements for transfer & connection of utilities (you can find local phone numbers here), telephone, mail forwarding etc. (A moving checklist is available from me upon request.)
5. Instructions to prepare mortgage delivered to Purchaser's lawyer from the financing institution.
6. Seller's lawyer obtains description of property and prepares transfer deed for execution (signing) by the Seller.
7. Seller execute (signs) transfer with their Lawyer.
8. The Purchaser's Mortgage documentation is prepared and finalized.
9. The Seller's lawyer delivers transfer of deed and land documents to the Purchaser's lawyer under trust conditions.
10. Purchaser needs to be sure to arrange for home insurance to cover you & mortgage or you may not be allowed to move into your home until this is finalized and proof is delivered to lawyer.
11. Pre-Move Checklist almost complete.
12. Purchaser's Lawyer calculates the cash balance the Purchaser will need to close their home purchase after all adjustments & fees.
13. The purchaser's lawyer delivers this "Statement of Adjustments" to the Purchaser.
14. Purchaser executes (signs) transfer & mortgage documents & deliver cash difference (balance owing) from the Statement of Adjustments.
15. Balance owing forwarded to Seller's lawyer under trust conditions.
16. Purchaser's Lawyer submits transfer and mortgage documents to Land Registry Office for registration.
17. Seller's lawyer receives balance owing and holds it "in trust" pending completion.
18. Registration of transfer and mortgage obtained - title is now in the Purchaser's name (possibly) subject to mortgage.
19. Purchaser's lawyer requisitions mortgage funds and forwards the mortgage funds to the Seller's lawyer "in trust" that any unacceptable title encumbrances be removed.
20. Seller's lawyer receives mortgage proceeds and holds "in trust" pending completion.
21. Seller's lawyer obtains discharge of encumbrances and reports to Purchaser's lawyer. Pays out Seller mortgage if any.

Step 3: Move in time

1. The Seller's lawyer releases keys to purchasers solicitor or advises Seller's Agent of release of keys to Purchaser. (Often prior to lawyer receiving mortgage proceeds.)
   1 - 2 days before the possession day.
2. Purchaser does pre or post possession walk through of home.
3. Copy of acceptable title, in Purchaser's name, delivered to Purchaser's lawyer.
4. Purchaser's lawyer reports to financial institution
5. Seller's lawyer reports to Seller: accounts for funds received and releases funds to Seller.
6. Purchaser's lawyer reports to Purchaser.
7. Transaction is complete.
   
   The abvoe is a breakdown of what occurs when buying property or Mississauga Homes. You need to remember these things in case you have no idea what is going on while you are buying a property or real estate in Mississauga.