"Closing Day" Terminology

Closing day is an exciting time.  You are 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. Your lawyer will also charge disbursements along with their fee for service. This will cover out-of-pocket expenses they have had to pay ahead of time. Disbursements may include faxing, photocopying, carrier fees, and any searches you have asked your lawyer to complete.

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 lawyer hands you the keys.

Title -This is a legal document that identifies the property and its owner.

Title insurance - may be purchased to protect your ownership in the event that an undetected title defect is found. Possible defects may include; violations of municipal zoning by-laws, existing work orders, encroachments on adjoining property or realty tax arrears. Title insurance protects you from having any liability should something come up. 

Land transfer tax - varies by province and even municipality and needs to be given to your lawyer before closing day. You can calculate how much land transfer tax you’ll need to pay and arrange to bring that to your lawyer. On closing day, your lawyer will submit your land transfer tax to the appropriate government office on your behalf.

Closing costs - These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, utility deposits, land transfer tax, insurance, and taxes.

Closing adjustments - These are expenses pre-paid by the seller that need to be reimbursed on closing. These adjustments could include property taxes, utilities and condo fees.

A real estate lawyer will ensure all of your paperwork and transactions are filed accordingly. This includes reviewing your offer to purchase, conducting a title search, registering the home name and making sure all payments are made in full and on time. 

Along with finding you a great home or seamlessly selling your current home, we will make the closing day go smoothly for you and your family.

Call us!

Richard Thyssen, Broker of Record

Colleen Thyssen, Sales Representative

Direct: 519-495-1541

Office: 519-438-8000

Email: richardthyssen@kw.com

www.thyssengroup.com

The one thing needed to sell a home for the highest price possible

It goes without saying that all sellers want to get the most money possible for their homes when they sell. One thing, the most important item, can cause your home to sell for less than it should. That single thing is the price.

Pricing your home properly to begin with is without question the single most important factor to selling your home for the most money possible. When priced properly, your home will sell for the absolute highest possible price. When the home is priced too low, it will sell quickly but for less money than it should. When the home is priced too high, it will sit on the market and ultimately sell for less money than it should.

The biggest mistake made by owners selling their homes as well as by their real estate agent, is overpricing a home and then reducing the price many times. When a home is listed for sale, it reaches the highest number of potential buyers in the “honeymoon phase”, the first few days it is on the market. If a home is overlooked as being overpriced in the early stage, you will lose potential buyers.

Typically, buyers will start by looking at listings online; they look at the photos of the home, then at the price. If the potential buyer does not like either of those items, they will move on to the next one.

The challenge is pricing the home properly. To do a proper market analysis, home features, upgrades and the condition of a property are crucial points to look at.  These items require an in-depth look at your property to determine how it compares to other similar properties that recently sold in the area. Then proper price adjustments, superior or inferior to these properties are made.

Hire a real estate agent who you trust and knows the area well. A great real estate agent will know the local market and complete a comparative market analysis (CMA) allowing them to accurately compare a home to recently sold homes on the market.

Keep in mind, an overpriced home only helps other people sell by making their homes look like a better value. With the guidance of a high-quality real estate agent sellers will get their homes priced properly and sold for the highest price possible.

Call today and let us price your home to sell!

Richard Thyssen, Broker of Record

Colleen Thyssen, Sales Representative

Direct: 519-495-1541

Email: richardthyssen@kw.com

www.thyssengroup.com

The Informed Home Buyer/Seller

Richard Thyssen, Broker of Record

Colleen Thyssen, Sales Representative

Direct 519-495-1541

Office 519-438-8000

Email: richardthyssen@kw.com

www.thyssengroup.com