There are few things more exciting than a new home. Your home is usually the largest purchase that you’ll make in life, but it’s also a place that brings you a sense of comfort and security. While it sounds cliche that your home is your castle, it’s also true.  Your home should be a place that brings you a sense of pride - after all, it’s yours.

So when you are in the market for a new home, make sure that you do things right. From those initial searches to preparing to move and of course working with a real estate lawyer, here are a few things to keep in mind before making your next move.

1. Know your numbers. If you’ll be taking out a mortgage, get a pre-approval secured before you go shopping. A hot real estate market can pressure you into making quick decisions, and committing to a home that you can’t afford is a very costly lesson.
   
   
2. Keep an open eye. When touring prospective homes, study them carefully and keep notes. Fancy staging may be instantly attractive, but make sure that it’s not covering obvious signs of damage to the property, or distracting from any issues that are hiding in plain sight.
   
   
3. Don’t skip the home inspection. A home inspector has a trained eye, and can see things that you may not notice. While they cannot open walls or disturb the property, they’ll be well aware of issues with a roof, water damage that can indicate flooding, or cracks that may mean an issue with the foundation.
   
   
4. Remember the closing costs. Remember that the purchase price of your home is never the final bill. Aside from any renovations or property improvements you may be planning, you’ll also need to consider land transfer tax, insurance, moving expenses, a potential bridge loan if you’re not selling your current property right away, and those pesky legal fees to boot. Your home is likely the largest investment you’ll ever make, and your lawyer’s due diligence is protecting that investment.
   
   
5. Book things in advance. Your lawyer will need a few weeks to get all of the necessary paperwork together, and your mortgage lender likely will as well. Give everyone, including yourself, enough breathing room before your closing date so that no one is scrambling at the last minute.
   
   
6. Get estimates. There are countless movers in the Greater Toronto Area, and any number of local storage solutions if you need. Don’t feel strong-armed into going with the first name that you see. Get quotes, ask questions, and ensure that you can trust the people involved with your belongings.
   
   
7. Think about your title setup. How would you like to own your home? If you’re buying a home with a partner, you have two options. One is a joint tenancy, where you are both on title and if one of the owners dies, the other automatically becomes the sole owner. The other is as tenants in common, where each owner has a separate interest in the property and, if one of the owners dies, that owner’s interest passes to beneficiaries under a Will or, if there is no Will, in accordance with the law.
   
   
8. Change your address. Are you still getting mail for the previous owners or tenants of your current home months, or even years later? Don’t be like them! Remember to change your address on your government IDs, banking information, and other service providers and subscriptions. Let family and friends know as well so that your holiday cards aren’t sitting in the wrong mailbox come December.
   
   
9. Think about day-of logistics. It’s one thing to pack up all the silverware and move towards disposable cutlery, but moving day can be frenzied and there are logistics that many people forget. Are there young children who will need to be picked up from school? Does someone need to watch the pets to keep them out of the chaos? Are all of the utilities set up and ready to go in the new place? These are all crucial, so having an early plan is helpful.
   
   
10. Hire the right lawyers! Most of your interactions with your real estate lawyer will revolve around your actual purchase, where they review the title of the property you are buying, the financials as well as all of the other documents that you’ll need to sign. Yet should anything go wrong with your transaction at the last minute, it’s your lawyer that will spring into action to advocate for you.

Because their role is so important in the process, it’s crucial to hire a real estate lawyer who knows the law well, and has experience handling transactions with ease. They’ll know what to do if something goes wrong, and they’ll have the wisdom to handle practically any situation that may arise.

Mason Bennett Johncox has been helping with real estate transactions in Durham Region for nearly 30 years. Our team has the knowledge to explain your transaction in a simple step-by-step manner, the openness to answer any questions that you have along the way, and the experience to handle any issues that might arise. When you’re ready for your next purchase, contact us to help you move in the right direction.