Buying a home or a property is a long process and winning the financial battle is just another milestone in the process. Following are a few steps that you need to follow to make sure you get the best possible deal.
Utilities – The attorney will need to send letters to all the relevant utilities companies or municipal departments to make sure that there are no arrears or outstanding payments for gas, water and electricity. The departments will generally send information regarding the equipment installed and whether they are rented along with billing details.
Taxes – The attorney will request a tax certificate in order to certify the current year’s taxes and any outstanding charges for the current year and any previous years.
Building and Zoning – Your attorney will have to send letters to the Zoning Department in order to receive information about zoning by-laws, restrictions, construction type, depth requirement and permitted uses of the property.
Title and Execution Search – it is important to find out if the seller is the owner of the property and has the right to sell the property and make sure that the property is not subject to any encumbrances, easements, liens, mortgages, agreements or encroachments not revealed in your agreement. Also the appropriate sheriffs’ department will do a execution search to verify that there are no executions against the seller or previous owners. However if any executions are found, it will affect your title.
Financing – options should have been sought out and finalized before the closing date. You may come across a few additional mortgage charges or fees, therefore you should request this information from your attorney.
Closing Day – your attorney will generally arrange and appointment with the seller’s attorney at the relevant Land Registry office to finalize the execution search and title sub-search. Once the necessary documents are in place, the seller will receive the funds and you will receive the keys.
After Closing – your attorney will provide you with a report explaining all the details of the transaction and certifying your title. Once you move in, it is always better to check if all items listed in the agreement are as they are supposed to be.