By: Tanya Vakil Fernandes

Closing a property for the first time? Avoid these common mistakes.

Tags: Homes for Sale; Sellers; Buyers;

You have just purchased your first property - this is an exciting time!  Now that your offer has been accepted there are a number of steps to follow.  Let’s review the steps together to ensure everything goes smoothly from beginning to end. 
 
Doing the math.  When working out the numbers, you will have to incorporate your mortgage payment of course, however, there are additional expenses to keep in mind.  Once you move into your new home, you will be responsible for paying utilities, annual taxes and maintenance fees as well as your current loans and monthly responsibilities.  Ensure you factor in all of these numbers when calculating monthly expenses. 
 
On closing day there are 2 things you must remember.  On the day you take possession of your new home you will be responsible for paying the lawyer fees and the land transfer tax.  These fees will vary per property.  As your Realtor, I will assist in calculating the funds you will need to set aside. 
 
Keep your finances status quo.  There is generally a period of two-three months between the day of purchase and the day you take possession.  Within this time frame keep your financial situation constant.  A pre-approval is not a confirmed mortgage and the bank will still do their due diligence at the time of closing.  If you change your job, or significantly increase your debt ratio, these factors could affect the total amount the bank agrees to lend.
 
Include all items you wish to have in your offer.  When you are presenting the offer to purchase, include all items from the new home that you want to keep, such as light fixtures, appliances or furniture.  Generally, everything is negotiable.  On closing day, take a tour of the property to ensure all negotiated items are accounted for.
 
As your partner in real estate I will guide you through the closing process - you will be celebrating in your new home as quickly as possible.  For any questions regarding closing day preparations, or any other real estate needs, contact me today.