The day you write the contract on your new home is always a really exciting time. And it's common that, in all of the excitement, new homeowners don't always remember what the Sales Team said about the time between now and their Completion Date.

But no need to worry! The MOSAIC Sales Team is here to provide you with a clear explanation of the process leading up to your Completion Date and answer any other questions you may have.

We've broken down this time line into 7 important steps to a smooth and successful Completion Date.

Step 1: Removing Subjects

The end of the conditional period when the buyer removes the conditions from their offer is referred to as the "Subject Removal" date (conditions are sometimes to referred to as subjects). By removing the conditions, the buyer agrees to pay the purchase price on the Completion Date unconditionally. It is the buyer’s responsibility to get a building inspection, inspect the home's documentation, finalize their financing, and fulfill any other conditions before the Subject Removal Date. If the buyer does not fulfill these conditions or remove the subjects, the deal will collapse. When you remove your subject conditions, you then have a firm and binding contract. This means that this contract is legally binding and neither party can cancel without repercussions.

Step 2: Complete Deposit Payments

After removing your subject conditions, you will most likely still have deposits due to MOSAIC. The timeline for when each deposit is due will have been given to you at the time of writing the Contract of Purchase and Sale or in an addendum to the Contract.

You are responsible for ensuring your deposit cheques are handed to the Sales Coordinator on site, at the correct time and in the correct form stated in your contract.

Step 3: Finalization of Mortgage Financing

Prior to removing subject conditions in your Contract of Purchase and Sale, you probably obtained a financing commitment for a mortgage through your Mortgage Broker or Financial Institution. It's very important that you ensure that you fulfill all the conditions of your mortgage commitment as soon as possible. Your mortgage Broker or Lender also needs to receive a copy of any documentation pertaining to the Contract of Purchase and Sale. It is your responsibility to see this through.

PLEASE NOTE: It's extremely important that you stay in regular touch with your mortgage broker.

Step 4: Choose a Lawyer or Notary

30 days prior to the Completion Date, you will need to choose a lawyer or notary to represent you in your real estate purchase. You need a lawyer to complete the purchase of your home. Typically, when you are buying a home, your lawyer should prepare and register all the legal documents and do everything necessary to protect your right to use the property. Generally, the lawyer fee varies from $800 to $1,500 for an average home.

How do you find a real estate lawyer? Click here (http://www.canlaw.com/realestate/hirerealestatelawyer.htm) for some tips. Of course, you can always ask the Sales staff on site for recommendations.

Once you have decided on a lawyer or notary you will need to send the Sales Coordinator their information. The Sales Coordinator will then send your lawyer or notary a copy of your Contract of Purchase and Sale.

Step 5: New Home Orientation

30 days prior to the Completion Date, Beverly Wilkie, our MOSAIC Customer Care Coordinator, will be contacting you to book an appointment for your New Home Orientation and key turnover. The orientation will be booked approximately 10 days prior to the Completion Date on a weekday at 10:00 am or 2:30 pm.

In this orientation, the Customer Care Technician will review a number of items including your New Home Warranty, education on the best way to maintain your home, and will also demonstrate how certain functions of your home operate.

Should you wish to speak with Beverly at any time, you can reach her at: 604.466.7242 (604.4.MOSAIC)

Step 6: Sign Final Documents

Once mortgage instructions are sent from your lender to your lawyer, your lawyer will contact you to book an appointment for you to sign all of the necessary documents to complete your new home purchase. This appointment will typically take place about 4-7 days prior to your Completion Date.

Step 7: Completion Date

If everything has been done as suggested, you should not have anything to do on this day. The lawyers and bank will handle the transfer of funds and ownership and will notify our Sales Coordinator and Beverly (Customer Care Coordinator) when this has been completed. You can just sit back, relax, and get excited to receive your keys the next day!

Step 8: Possession Date (Move in date!)

Your possession date is the day after the Completion Date. This is the day that you will meet with a MOSAIC representative and receive the keys!

As of this moment, the home is all yours and you can start moving in and getting settled into your new home. :)

Posted on June 7 2011
Tagged with: Georgia

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Comments

linda Wong
Very thorough explanation. Should prove helpful to most buyers.

Kay
Am loking for a studio or 1 bedroom? Must be close to transportation as I do not drive. Thanks.

gary bennett
i thought they we on sale starting oct 15--- 604 936 6864

Tsering Wangdu
looking for 3bedroom in corner and the the price.

J F
looking for 1 bd rm unit, please advise availability and price, thanks.

Chelsea Buxton
looking for a 2 bdrm.Is it a dog friendly building? Do you offer rent to own?

ewa
why dont you post the price range

Thomas
Totally unprofessional handling of sales.

claudia ramirez
Hello Please tellme the prices for the 2 bedrooms aparment thanks

Ron and Wendi Booiman
I was in yesterday and am very interested in the show home. It was mentioned I would receive an email yesterday, about the price, and when it would be available for purchase. I was concerned you maybe could not read my printing, so decided to email you today. What is the price with all the furniture? What is the price without the furniture? I would be probably interested in having the furniture, but want to check both costs. Thank you kindly Also when is the possession date going to be on this show home? As a Senior, I am not able to do all the stairs in the townhomes. With health concerns, it is urgent that we have a main floor master bedroom Wendi