Chris Estrada

(604) 841-9670
Blogs
Posts By Date
Categories

“Closing Day” Terminology You Need To Know

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well. The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.


Disbursements. This is the allocation of funds to the appropriate parties, such as the seller. Your lawyer will take care of this for you.


Possession. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your realtor hands you the keys' I always meet my clients at the house, with the keys.


Title. This is a legal document that identifies the property and its owner. Also, any easments, rights of way and/or any restrictive covenants. 


Closing costs. These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilities, utility deposits, insurance, and taxes etc...


Closing adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.


There may be other terms you come across on closing day as well. Call or email me anytime with any questions. All the best,


C.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:

How a Home Inspection Helps You
Whether you're considering buying a particular home, selling your current
property – or both – a home inspection can help.
A home inspection is an inspection by a qualified professional who takes a
close look at every aspect of a home – structure, wiring, plumbing, and
more – and identifies issues you may not have noticed yourself.
For example, a home inspection can reveal that a furnace will need to be
replaced soon, or that there is a water leak into the basement that needs to
be fixed.
You'll definitely want to get a professional home inspection before you buy a
particular property. That's why most offers to purchase a home are
conditional upon passing a home inspection. (The last thing you want is to
buy your dream home only to discover that the wiring needs to be updated!)
You may also want to get a home inspection on your own home before you
list it for sale. A certificate from a qualified professional that states that your
home passed inspection will make your property more attractive to buyers.
Many reputable home inspectors are members of a professional industry
association.