Order of Operation

When you're ready to buy, here's what you need to do:
1) Have a preapproval certificate ready. Now more then ever, it's a good idea to get it and lock in a low rate
2) When you locate the house you wish to offer on, you should have earmarked approx 5% of the value of the house to put down as a deposit at the time of the offer.
3) In this market, you're either going in with an offer without conditions---that is if you find yourself in competition, you can arrange for a preinspection (sometimes the sellers do...but you may wish to have your own completed) and if your bank or mtg broker is comfortable they may provide an insturction that you can move forward with an offer void of a finance clause.
If you need to present a conditional offer 2 business days is becoming commonplace.
The deposit on a conditional (or firm agreement) needs to be certified to the Listing Brokerage within 24 hrs following completion of the Agreement. This is in the preprinted.
4) Once you have completed your conditional period (assuming all goes well) you will formally "waive" your conditions and go firm pending closing.
5)On closing, your lawyer will inform you of any "adjustments" (for example if the seller has prepaid taxes for the months following closing); you will sign your formal mortgage documents; affidavit; you will pay your Land Transfer Taxes and any rebates if they apply (for example Toronto first time home buyer). The deposit plus your downpayment plus your mortgage plus any adjustments will be transfered from your solicitors account to that of the Sellers solicitor.
6) Barring no hiccups you can expect keys typically in the afternoon of closing.
*7) As a special note, b/c of warranties the Seller makes in the Agreement, it is advised that you go to your new home on the date of closing and ensure that all chattels and fixtures included are in "working order".
8) When problems arise on closing, and they do from time to time, inform your agent immediately.
I like to meet my clients at the property and do a walk through with them.
***Note that if you are purchasing new construction from a Tarion registered builder, you are entitled to a "formal walk through" with the builder to compile a deficiency list that needs to be addressed. This is worked out in good faith between the two parties but should an incident arise, the Tarion body is there to assist.