The following are some practical tips for any Buyer of a residential property:

1.  Take the time to review the form of Agreement of Purchase and Sale with your real estate agent before

2.  Call/email your lawyer with any legal questions you may have to ensure that your intent is interpreted properly in the Agreement of Purchase and Sale.

3.  Get pre-approved on your mortgage to limit the risk of not closing and to lessen the Call/email your lawyer with questions concerning pre-approval and/or the mortgage commitment and the differences between those terms.

4.  Once the Agreement of Purchase and Sale is accepted, ensure that you or your agent provide the following to your lawyer:

(i) the Seller’s lawyer's name and contact information, and

(ii) the mortgage lender’s name and contact information.

5.  Ensure that the mortgage lender is provided with a copy of the Agreement of Purchase and Sale (including all schedules, amendments, waivers, and notices of fulfillment), and your lawyer's name and contact information so that the mortgage lender will send the mortgage instructions directly to your lawyer.

6.  If you are purchasing a house, you will have to arrange for home insurance (all risk or fire insurance) with the mortgage lender named as "Loss " If you are purchasing a condominium, you will have to arrange for content and liability insurance.

7.  Your lawyer should contact you to discuss the following:

(i) Names to be placed on the Transfer/Deed of Land along with dates of birth; and

(ii) Manner to take title - "Joint Tenants" or "Tenants in Common''.

8.  Arrange for the set-up of utility accounts (hydro, water, gas, cable, phone, property tax). Kormans LLP has a special service that we will make available to you make this process very easy.

9.  You can calculate Ontario Land Transfer Tax based upon the value of the purchase price ("consideration") from our website kormans.ca. Your lawyer can determine whether you qualify as a “First-time Home Buyer” for Land Transfer Tax Refund purposes.

10.  Your lawyer can determine whether you will be required to pay the Non- Resident Speculation Tax (“NRST”).

11.  Expect to meet with your lawyer about 2-3 days prior to closing to sign documents and deliver closing funds. At the time the appointment for signing is made your lawyer will advise you how much money to bring in to cover the balance of the closing funds (certified cheque or bank draft only) which will consist of:

(i) Balance due on closing to the Seller (purchase price - deposit +/- adjustments)

(ii) Plus: Legal fees and disbursements

(iii) Plus: Land transfer tax (if applicable)

(iv) Plus: NRST (if applicable)

(v) Less: the net mortgage advance from the lender

12.  The pickup of keys (usually from your lawyer’s office), should be expected to be between 2:00 p.m. and 5:00 p.m.

13.  Once you have the keys it is advisable to check the property to ensure that it is as you saw it when you submitted the offer in the first place (including ensuring that appliances and heating and air conditioning are working). You should advise both your agent and your lawyer immediately if there are any problems and you should take pictures/videos.

14.  Contact all of the utility companies to ensure meters were read (water, gas, hydro) and new accounts set up for you as of the Closing Date to ensure that you do not get charged with the previous owner's use or any penalties. Note that the Closing Date belongs to the Buyer.

15.  If the property is a condominium unit ensure that:

(i) the move-in elevator is booked,

(ii) arrangements for the payment of common expenses have been made,

(iii) you receive all necessary fobs and access cards; and

(iv) you know the location of any parking spaces and lockers.