in my exp was that the realtor’s on both occasions walked away from the deal as soon as the offer was accepted which is pretty upsetting as it clearly showed most realtors are trying to make their money and get out as quickly as possible.

- Always find your own home inspector as there is a MAJOR conflict of interest using the person your realtor is recommending.

- Always call the utilities company to verify if the work has been completed no matter if your lawyer is doing it or not. This assures that all the meters are read on the day of closing.

- Check with your lawyer on the key transfer on how will they be occuring as some realtors will allow you to use a lockbox and some will tell you that it is not possible which is a total lie.

- Have an inspection a day or two before closing to inspect everything in the house and have a conversation with the previous owners on arrangement of mail, inside keys, and contact information just in case you need it.

- Rent a truck from a good place like national cause if you do the math overall you save money cause they give you like 100km per day where as in the 20$ uhaul rentals charge you like .49 cents/KM which is ridiculous amount.

What if we find upon that visit that since signing the offer they have not kept the place well – ie stained carpet, marks on wall etc (which did not exist when we first saw the house and agreed to purchase)? what’s our recourse before closing? can we walk away if we wanted to?

always assume your escrow will close 2-3 days late. I’ve never had an escrow close on time (and I’ve bought over a dozen homes).

[...] This weeks Carnival of Personal Finance – The Homeless Edition was hosted by The BagLady.  MDJ submitted the article "8 Things to do Before Closing on a Home." [...]

[...] FrugalTrader from Million Dollar Journey has some good tips for home buyers in this post: 8 Things to do Before Closing on a House [...]

[...] 8 Things to do Before Closing on a Home (@ Million Dollar Journey) is a great compilation of reminders to consider if you are moving soon.  Here in the states it is still a buyer’s market in most areas with low rates and a surplus of houses on the market.  [...]

I guess what I’m getting at is there any legal requirement to have life coverage sufficient to pay off the mortgage? Not that I know of but I could be wrong.

I will be writing more about this tomorrow.

Its just my wife and I. We’ve got a bit of equity in our house. She wouldn’t need all the space if something happened so couldn’t she just sell if that were the case?

Even better than just term would be decreasing term if you can arrange it (not really sure what’s out there). As the balance goes down with your mortgage balance, so would your premiums. I know this is available with some HELOC products. Also, comparing rates is only meaningful if you’re same age/health.

Manulife One offers a declining balance life product:

http://www.manulife.ca/canada/mBank.nsf/Public/mone_ci_life_details

FT, If you don’t mind I have something to say before the closing date:

- Once you get the keys go to the house and check if everything works fine. In my case the dryer was not working. Also, during the home inspection (in case is a home) check for the serial numbers. Some people replace the fridge, drywer, washing machine, etc. When you have an agreement they looks fine. However, when you get the keys, they’ve been replaced.

- Another one is Title Insurance. Some lawyers give you a quote (sometimes it is cheap). However they don’t include copies, calls, etc and you have to pay for those fees also. I’ve used the First Canadian Title. You pay one fee and everything is included.

Another thing is confirm any truck rentals – I know someone who’s reservation ‘got lost’ and they really had to scramble on moving day because it was the end of the month.

Also – last time I moved I rented a truck from a cheapo place that only had one truck and the people who had it out, didn’t bring it back so I had no truck and the company couldn’t help me. I think if you rent from a bigger company and this happens, they will be in a better situation to get a truck for you.

I have another friend who rented from Uhaul and the truck kept breaking down during the day which really messed things up for him.

Moral of the story – don’t try to save too much $$ on the truck rental!

Mike

Good thing I wasn’t doing anything until the next day with the new house!

Tim

1. Level term provides rates that are guaranteed to remain the same.
2. Coverage limites remain the same throughout the term of your policy.
3. Your beneficiary, not the mortgage company, receives the proceeds from the level term life insurance policy.
4. Your beneficiaries can use the money as they see fit.

Bank:

- Underwriting will be done AFTER death, which could mean you dont get any kind of payment.

- The bank is the irrevocable beneficiary, in which case your family will not be able to use any of the funds for other purposes, if needed.

- Cost will increase over time, with term plan you are guaranteed the premium for the term length and guaranteed a renewal premium.

- If you decide to switch your mortgage you will not be able to transfer your insurance and will have to apply again.

If you have a financial planner he/she can put together a combination of term plan that will cost you less and cover your obligations.