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Yes, you heard that right, ONLY HALF. The closing stage remains where you have to go through numerous steps and formalities. Hence, there’s a still long road ahead of you before can get the keys to the MLS listing in Ajax and call it yours.
Below, we have detailed the home closing process so you can know what to expect and be prepared.
What Is the Closing Process in Home Buying, and When Does It Kick Off?
The closing stage is the final step of buying your new home sweet home. It’s when the sale is officially completed and ownership of the property is transferred from the seller to the buyer.
The closing process usually begins when the home seller accepts your offer on the property. Once the offer is accepted, both you and the seller need to complete a host of tasks before the actual closing day. This includes finalizing your mortgage, getting the home professionally inspected, and making sure all legal documents are in order.
The actual closing day, when you officially take ownership of the MLS listing in Ajax usually happens weeks or even months after the offer is accepted. On this day, you’ll sign the final paperwork, pay any remaining fees, and receive the keys to your new home. This is the moment when the house in Ajax becomes officially yours.
How Long Does It Take to Close on an Ajax House?
The typical closing process for buying a home in Ajax takes around 30 to 45 days. The clock for the closing process starts ticking as soon as your offer on the property is accepted by the home seller.
If everything goes smoothly like your financing is in order, the home inspection reveals no major issues, and all paperwork is completed on time, the closing process could be shorter. On the other hand, if the are delays in these steps, the closing process of the Ajax MLS listing can take longer.
How Much Does a Buyer Need for Closing Costs?
Closing costs in Ajax typically range from 1.5% to 4% of the home’s purchase price. You need to pay these closing fees at the end of the transaction to finalize the transaction. The closing costs typically include the land transfer tax, legal fees, title insurance, home inspection fees, property taxes, utility adjustments, and possibly mortgage insurance.
What Happens During the Home Closing Stage in Ajax?
Here’s a detailed look at what happens from the time your offer is accepted until the closing day and what to expect on the day itself.
After Your Offer Is Accepted and Up Until the Closing Date
1. Hiring a Real Estate Lawyer
In Ontario, it’s standard to hire a lawyer to handle the legal aspects of the closing process. Basically, the lawyer will be there to make sure everything goes smoothly and to protect you from any legal issues. They will handle all your paperwork and make sure everything is in order.
2. Home Inspection
This is the time when you get the MLS listing in Ajax professionally inspected to uncover potential issues in the property. In this process, a certified inspector will check out the house for any issues like structural problems, electrical faults, or plumbing issues. If the inspection reveals big issues, you can renegotiate with the seller to repair the issues before the closing or lower the sale price.
3. Mortgage Approval
Once the seller accepts your offer, the mortgage lender will move forward with finalizing your loan application. In this process, the lender will thoroughly review your financial details to ensure you qualify for the loan amount requested. Your lender will also likely request more detailed financial information from your end such as recent pay stubs, bank statements, tax returns, proof of employment, and others.
Additionally, the lender will order a professional appraisal of the Ajax MLS listing to determine the home’s fair market value. After you have provided the necessary documents and the appraisal is complete, the lender will review all the information to make a final decision on your mortgage.
4. Title Search and Insurance
During this stage, your lawyer will conduct a title search to ensure there are no legal claims or issues with the property’s title. You must also get title insurance during this period to protect yourself from any future disputes over the property’s ownership.
5. Getting Homeowner’s Insurance
Homeowner’s Insurance helps you pay for repairs or rebuilding your new home if it’s damaged by fire, storms, or other disasters. It also covers your belongings inside the MLS listing in Ajax.
6. Reviewing Closing Disclosure
Before the closing day, your mortgage lender will provide a closing disclosure document detailing the final terms of your loan and closing costs. You must review this closing disclosure document carefully and make sure everything is on point.
7. Scheduling a Final Walk-Through
Lastly, do a final walkthrough of the property to ensure that it is in the condition agreed upon in the contract. You must also check that all agreed-upon repairs have been completed by the seller.
On the Closing Day
1. Meeting with Your Lawyer
On closing day, you’ll meet with your lawyer to sign all the necessary legal documents. These documents will include the deed of the property, the mortgage agreement, and other legal paperwork.
2. Transferring Funds
You’ll need to provide the down payment and the closing costs for the MLS listing in Ajax on the closing day. This money is usually transferred electronically from your bank to your lawyer’s trust account.
3. Sellers’ Responsibilities
The seller will also have to complete their part of the process which includes signing documents to transfer ownership and handing over the keys.
4. Final Paperwork
The paperwork is then submitted to the land registrar’s office which officially records the change of ownership.
5. Receiving the Keys
Once everything is finalized, you’ll receive the keys to your new home and the property will become officially yours.
Preparing for a Stress-Free Closing Day
There are a few simple steps you can take on your part to ensure the closing process goes smoothly and without any hiccups. First, stay in constant contact with your real estate agent and lender to avoid any last-minute paperwork or requirements.
Next, make sure you have all the necessary documents ready for the closing process of the MLS listing in Ajax. This includes your ID, proof of homeowners insurance, and any final payment details.
Lastly, if you have anything you don’t understand, ask your real estate agent or any other professionals for clarification. By following these steps, you’ll be well-prepared for a successful closing day.