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Purchaser Tip
 

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Have you just purchased a residential property?    If your agreement is conditional on financing immediately attend at the bank or financial institution that will be giving you your mortgage to formally apply and receive written approval.
 

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Find out in advance what amounts will be deducted from the mortgage.
 

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Do not rely on  a pre-approval of mortgage that you may have obtained months ago.
 

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Remember your pre-approval is still subject to many conditions, like your lender being satisfied with the value of the property you have purchased and your ability to establish your income etc.
 

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You must also consider and be aware of mortgage insurance, which you will pay the lender if you have a total down payment of less than 25%.
 

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It is wise to advise all utility companies of the name and address of the party responsible for the payment of accounts after the date of completion. 
 

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You must obtain prior to closing a fire insurance policy which sets out your lenders legal name and address.
 

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 If you live in rented premises you must consider the applicable notice periods a      landlord is entitled to under the applicable legislation.
 

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 Contact a reputable moving company, one that friends and family have used.
 

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Make arrangements for telephone and cable companies to attend.
 

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Ensure that you will have access to your funds on closing
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Many internet banks or supermarket banks cannot provide certified cheques on one days notice.
 

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Many banks offer mortgage life insurance.  If the product simply pays off the balance of the mortgage at the time of death, then i would advise you to obtain life insurance from an insurance broker instead, as a policy of life insurance will pay on the full amount of the insurance purchased, as opposed to the balance of your mortgage at the time of death.

Contact us by email at lawoffice@briantaran.com

 

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Last modified: 02/20/03