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GENWORTH CANADA FALL 2O15 17 The purchase agreement is typically conditional on the buyer being approved for financing and being satisfied with an inspection ofthe property says Mark Weisleder a real estate lawyer with in Toronto. Youre usually given five days to do this which gives you enough time to ensure the property is professionally inspected so there are no surprises after closing. In some cases the bank may need to do their own appraisal to make sure that the buyer did not pay too much for the property and thus may not qualify for the mortgage they need to close the deal says Weisleder. The purchase agreement should also provide you with an opportunity for a pre- closing visit to make sure no damage has occurred on the property since the time you signed the agreement. And it should also indicate in detail all of the appliances and light fixtures you expect to keep after closing so theres no confusion. The buyer will also hire a lawyer to make sure that the title is checked before closing and to prepare all of the closing papers including the mortgage to be registered on title says Weisleder. The lawyer then crunches the numbers to calculate how much money youll need for the down payment to pay the balance owing to the seller and additional costs such as the land transfer tax and the legal fees. You can then arrange for home insurance and contact the utility companies to make sure the utilities are in your name on the closing date. There are a lot of steps to remember on the road to homeownership so Genworth Canada has put together a step-by-step guide from the dream of owning a home through closing and moving. This guide provides resources on everything from calculating closing costs to moving tips and more. Find it all at Youve found your dream home and your offer has been accepted. But there are still some loose ends to tie up before popping open that celebratory bottle of champagne. Fortunately there are several experts involved in the process who can help you along the way.