Are you looking to buy a home in Toronto? That’s exciting! There are a lot of things you can enjoy about the process, but there will also be issues that test your patience. Never is that more true than during escrow. These six best practices for being patient during escrow will help you avoid some common mistakes and get you into your new house a little faster.
Make a Checklist
The worst way to delay escrow is to miss something easy and set back the whole process. A thorough checklist will keep on point, up to date with your paperwork and focused on the next step instead of the final step. Work with your realtor or bank to make sure you get everything you need in the list. Just a few items to get you started are an insurance timeline and an inspection schedule.
Cram the Inspections
It’s not always possible, but when it is, cram as many inspections into a single day as possible. It might feel gruelling in the moment, but you accelerate one of the biggest holdups in escrow. If you spread out the inspections, you may find yourself renegotiating after each. That’s painfully slow and keeps you out of your new house.
You did great saving up your down payment. You did even better searching for a mortgage that you can reasonably afford. You have a great budget. But, you’re not done yet. The closing process has plenty of
unexpected expenses. Do you know how much your title fees will be? What about escrow property taxes? There are lots of hidden expenses. When you make your checklist, ask about hidden costs to help with your budget. This way, you won’t hold up the process waiting for the next paycheck to get through a closing fee.
Don’t Marry Your Closing Date
Most of these tips are practical. This is the hard one, and it’s possibly the most important. Things will happen that throw off your initial closing date. It’s inevitable. Maybe inspections find something that has to be fixed before you can close. Maybe it’s something else. The thing to remember is that the initial closing date is there to push things along. It is very likely to ultimately change, and anticipating that can save you some hair-pulling frustration.
Stay on Top of Contingencies
If you aren’t familiar with the term, contingencies are conditions written into the contract. Some of them will come from you; some will come from the seller. You want to make sure you’re on top of any contingencies that require something of you. It’s easy to agree to something minor during negotiation and then forget about it later. You know what? Make sure your contingencies are in that checklist. That should do it.
Triple Check Paperwork
Home sales require some intense paperwork. There’s plenty of legalese mixed in there, and it’s easy to make a seemingly innocuous mistake that stalls escrow. If you need a lawyer, get one. Then, triple check everything. That will remove the final barriers to closing, and you can get into your new house.
These best practices for being patient during escrow are sure to remove a few headaches and obstacles during the process. Still, your best friend is experience. If you aren’t an expert homebuyer, take advantage of a professional who is.
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