6. Loan Approval: After the appraisal — and after all the paperwork required to verify the buyer’s ability to pay the mortgage is completed (mortgage approval in Canada is generally 5-10 days), the “loan package” is sent to the underwriter. Most of the underwriters are out of town. This process usually takes three to five days. Some of the lenders are doing point-of- contact underwriting by way of computer. It is not unusual for this step to take place within the last week before the closing date. 7. Title Work: For a cash sale, the title work is usually ordered just after the contract is negotiated. If this sale is contingent on financing, then usually the title work will be held up, pending credit report, inspections, and appraisal steps being satisfied. Your agent will normally keep in touch with the lawyer and advise them of the buyer’s loan progress. The lawyer also handles all the arrangements with your mortgage holder(s) regarding the final payoffs. 8. Survey: After the loan is approved, the survey is ordered by the buyer, their agent, or their lender. This usually does not occur until the last 10 days of the process. It usually takes place on the morning of the closing. It is not necessary for you to be home for the survey, because they do not need to come into your home. Generally, the evidence of the survey having been done is the wood stakes with bright ribbon at the corners of your property. 9. Pest Inspection: Not all buyers request one, and not all sellers offer, but do expect a pest inspection as part of the closing process. The “termite” inspection is an inspection of all wood- destroying organisms, including but not limited to dry wood and
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