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Difference between revisions of "Buying a Home"
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→Step 5. Prepare the transfer paperwork
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Most home buyers hire a '''lawyer''' or '''notary public''' to help with the paperwork to transfer legal ownership of the home in exchange for the purchase price of the home. | Most home buyers hire a '''lawyer''' or '''notary public''' to help with the paperwork to transfer legal ownership of the home in exchange for the purchase price of the home. | ||
The lawyer or notary will do a '''title search'', which shows the registered owner of the home and any charges registered against the property, such as mortgages, liens, or easements. Any existing mortgages and liens will have to be discharged by the seller as part of the sale. | The lawyer or notary will do a '''title search''', which shows the registered owner of the home and any charges registered against the property, such as mortgages, liens, or easements. Any existing mortgages and liens will have to be discharged by the seller as part of the sale. | ||
Before the completion date, your lawyer or notary will prepare a document called the '''statement of adjustments'''. This document shows all money coming in and going out. It covers things you and the seller share, such as the annual property tax bill (the seller is responsible for the portion of the bill until the sale completes, and you’re responsible for the portion for the rest of the year). The most important figure for you is the amount you need by the completion date. This is the money you must pay, in addition to your mortgage. | Before the completion date, your lawyer or notary will prepare a document called the '''statement of adjustments'''. This document shows all money coming in and going out. It covers things you and the seller share, such as the annual property tax bill (the seller is responsible for the portion of the bill until the sale completes, and you’re responsible for the portion for the rest of the year). The most important figure for you is the amount you need by the completion date. This is the money you must pay, in addition to your mortgage. | ||
Your lawyer or notary also prepares the transfer documents and sends them to the seller’s lawyer or notary. The seller signs the documents and returns them. Then, when your lawyer or notary has your down payment money and the letter from your financial institution promising the mortgage amount, they register the transfer documents and the mortgage with the Land Title Office. | Your lawyer or notary also prepares the transfer documents and sends them to the seller’s lawyer or notary. The seller signs the documents and returns them. Then, when your lawyer or notary has your down payment money and the letter from your financial institution promising the mortgage amount, they register the transfer documents and the mortgage with the Land Title Office. | ||
===Step 6. Complete the sale=== | ===Step 6. Complete the sale=== | ||
