Purchasing Property

How does the closing process work?

Please follow this link for a detailed step-by-step guide to the closing process: Steps to Purchase Closing.

What information does Fletcher Barrow need to close my purchase?

Typically, we will need:

• Government-issued photo ID,
• Signed Agreement of Purchase and Sale,
• Mortgage approval/mortgage commitment (if applicable),
• Insurance binder listing your lender (if applicable),
• Proof of deposit.

If you are obtaining a mortgage, be sure to notify your lender that Fletcher Barrow is representing you so they can send mortgage instructions directly to our office.

What are closing costs, and what should I expect to pay?

Closing costs generally include:

• Legal Fees (quoted upfront),
• Land Transfer Tax (provincial, and municipal if applicable — e.g., Toronto),
• Title Insurance Premiums,
• Title Search Fees and Registry Charges,
• Disbursements (such as couriers, software, or bank charges).

For a personalized estimate, please click here: Get Quote.

Can you help with both residential and commercial real estate transactions?

Absolutely!
Our experienced team handles residential homes, condominiums, multi-family properties, commercial units, and vacant land transactions, providing customized legal services for each type of purchase.

When do I need to provide the funds for closing?

You will need to provide your portion of the closing funds (after deducting your mortgage advance and deposit) at least one business day before closing.

We will send you a detailed statement of closing adjustments with instructions on how to wire or deposit the funds into our trust account.

What is title insurance, and is it mandatory?

Title insurance protects you and your lender against issues such as title defects, unpaid liens, or property fraud.

While not mandatory by law, most lenders require title insurance as a condition of funding.

Even if you are purchasing without a mortgage, we strongly recommend obtaining title insurance for your own protection.

What if there are issues found with the property title?

If our title search uncovers issues such as liens, encroachments, or errors in ownership history, we will work with the seller’s lawyer to resolve them before closing.

If necessary, title insurance may cover certain risks that cannot be otherwise corrected.

Do I need a home inspection before closing?

While not legally required, we highly recommend arranging a home inspection before finalizing your purchase, especially for resale properties.

A thorough inspection can uncover hidden issues and give you peace of mind.

When do I get the keys to my new property?

Keys are typically released on the day of closing, once the property transfer has been registered and funds have been disbursed.

We will notify you (and your real estate agent) as soon as you are officially the new owner!

What is a Statement of Adjustments?

The Statement of Adjustments is a document that itemizes all credits and debits between the buyer and seller.
It includes items like:

• The purchase price,
• Deposits paid,
• Property tax adjustments,
• Condo fee adjustments (if applicable),
• Prepaid utilities.

This document ensures that both parties only pay for their proportionate share as of the closing date.

Can you assist if I am a first-time homebuyer?

Yes!
We frequently represent first-time homebuyers and will guide you through every step, including explaining the First-Time Home Buyer Rebate for Land Transfer Tax (if applicable), and ensuring you understand the entire process clearly.

Can I still close if I am out of town or out of the country?

Absolutely.
We offer virtual signing appointments and remote closing services, allowing you to complete your real estate transaction from anywhere in the world.

All you need is an internet connection, government-issued ID, and access to email.