Inspection & Appraisal Process

The Process: Step-by-Step

Agreement & Deposit

The APS is a legally binding contract.

• All terms must be in writing
• Deadlines must be strictly followed
• Deposit is submitted shortly after acceptance and held in trust

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Your Real Estate Lawyer

In Ontario, a real estate lawyer handles the closing.

They will:

• Conduct a title search
• Check for liens or encumbrances
• Handle fund transfers
• Register the property in your name

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Title Ownership

Common ownership types:

• Sole ownership
• Joint tenancy (common for spouses)
• Tenants in common

Your lawyer can advise on the best option for your situation.

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Home Inspection

A home inspection is typically completed during the conditional period.

The inspector reviews:

• Structure
• Roof
• Electrical and plumbing
• Heating systems

Outcomes:

• Proceed with purchase
• Renegotiate
• Walk away (if conditions apply)

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Financing & Appraisal

Your lender will finalize your mortgage approval.

• An appraisal may be required
• Stay in close contact with your lender
• Confirm everything is ready before closing

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Status Certificate (Condos Only)

If buying a condo in Ontario, you’ll review a status certificate, which includes:

• Financial health of the condo corporation
• Rules and bylaws
• Upcoming major expenses

This step is critical to avoid unexpected costs.

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Home Insurance

You must secure insurance before closing.

Tips:

• Shop around for quotes
• Increase deductible to lower premiums
• Ask about discounts (security systems, bundling policies)
• Insure rebuilding cost—not land value

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Closing Day

On closing day:

• Funds are transferred
• Title is registered
• You receive your keys

Congratulations—you’re now a homeowner in Ontario.