What happens after I sign the contract? How does the closing process work?

What happens after signing the contract

Jarek Bucholc
Written by Jarek BucholcLast update 4 years ago

Step 1: Scheduling the home inspection.

We will arrange a date to conduct the home inspection. A licensed, third-party home inspector will ensure there are no deficiencies that we did not know about already. The cost of the inspection is covered by Spitio. If a major deficiency is noted we’ll propose an adjustment to the purchase price. 

Step 2: Select a real estate lawyer.

Spitio will send a copy of the contract to your preferred real estate lawyer who will prepare to discharge your mortgage and transfer land title to Spitio. Before closing, you will need to meet with your lawyer to sign land transfer documents in person. If you do not have a lawyer we are able to provide recommendations and facilitate introductions. 

Step 3: Submit a Real Property Report.

Your lawyer will ask for a copy of a Real Property Report (RPR), which is a legal document that clearly illustrates the location of significant visible improvements to your property (e.g., a new shed, fence, A/C unit, etc.). At closing, your RPR must have a Certificate of Compliance from the City of Calgary, which confirms that the locations of structures on the property comply with the Land Use Bylaw. You likely have this document from when you originally purchased the home. If not, don’t worry as you can easily obtain a new one. Let us know and we will help you through that process. 

Step 4: Pre-closing walkthrough.

1-2 days before closing Spitio will arrange for a quick walk-through of your home. 

Step 5: Closing Day.

On the day of closing, we will transfer money to your lawyer and your lawyer will delivery keys to Spitio.

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