Is Your Deal Firm Now?Angela Detmold
You Officially Have a Firm Sale, Now What?
Once you’ve signed the “waiver of conditions”, congratulations! Your purchase is now FIRM.. and now it’s a matter of preparing for possession day.
You need to hire a real estate lawyer to finalize the transaction. To ensure all of your documents are in order, we recommend contacting a lawyer well before the possession date. This will give the lawyer time to review and prepare the documentation. Your real estate professional and your mortgage broker will need the name of your lawyer because they will provide some of the needed documents directly to your lawyer.
At some point, likely just a few days before possession, you will need to meet with your lawyer.
Your lawyer will go over all of the legal documents with you, will discuss title transfer, closing costs and disbursements, mortgage payout (if applicable), and will have you sign the documents to transfer the property’s title from the seller to you. You’ll need to bring photo ID to your meeting with your lawyer. Some lawyers require two pieces of identification – this could include a passport, driver’s licence and/or credit card. Ask your lawyer specifically what forms of ID they accept.