Lisa Last talks with Andrew Cao of Kolthammer Batchelor & Laidlaw LLP in Edmonton, AB. Andrew shares his insights on the details of a signing appointment, what to know prior to the meeting, and the expected last expenses during closing.
[0:19] What to Know Going Into a Signing Appointment
- Clients often receive an introductory e-mail prior to the meeting.
- Lineup house insurance prior to the appointment.
- Be sure to have the insurance in place before waving conditions.
- After conditions are waved, you lose leverage in the transaction.
- It is ideal to sign the documents 5-7 days prior to closing the deal.
- Bring two pieces of government issued ID and the insurance binder.
- Have a stamped void check ready.
- The most important thing is a bank draft or certified check payable to the law firm.
[3:18] What are the Biggest Out-of-Pocket Expenses?
- Registering your name and having it on the mortgage title is the biggest expense.
- These expenses can fluctuate, but your lawyer can provide estimates.
- Remember about hypothetical interest, which is later reimbursed.
- The meeting provides clarity on the remaining costs and what steps to take moving forward.
- Budget for the remainder of your down payment, and set aside to some funds for potential additional fees.