The Deposit

Ensure you have money readily accessible for the deposit, which will be required at the time you present your offer (or the day after).  In Toronto a typical deposit is 5% of the purchase price. Transferring funds from another account or savings vehicle can take several days, so should be done in advance.  


The Approval Process

A Pre-Approval is not a full approval.  Even if a lender pre-approves you, the home you buy must still meet the lender’s criteria.  What you should do:

  • Show your lender a copy of the MLS® listing before making the offer to see if there are any obvious red flags
  • Make your offer conditional on approval of your financing
  • If your lender requires the home to be appraised, ensure this is done as soon as possible, rather than just prior to closing, so you have time to find another lender, if necessary
  • Ensure your REALTOR ® provides the appraiser with comparable sales to justify your purchase price.


Move Up Buyers

If you are a move up Buyer ensure you know about any mortgage penalties you may have to pay on your existing mortgage.

If you are selling an existing property, your lender will require a copy of the Agreement of Purchase & Sale.

If the closing dates of the 2 transactions are not the same, speak with your lender about financing options.



Your lender will require proof of home insurance before they will activate the loan.


Connect Your Lawyer With Your Lender

Ensure your lawyer has the contact details for your lender and vice versa, so they can arrange the transfer of funds.


Thank you to our trusted advisor, Ramy Ibrahim at TD Canada Trust , for this checklist.

Contact Info
Marian Neal

Sales Representative


723 Mount Pleasant Road
Toronto  ON M4S 2N4


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