Wednesday, March 16, 2011

The next steps

The process continues. Yesterday saw me withdraw $5000 from one of my chequing accounts, now flush with the pilfered arm and leg of my RRSP, and hand it over to my rep at lunchtime as a deposit. I was also emailed the mortgage agreement by my broker. That was the most daunting thing so far. It was, not surprisingly, several pages in length. I wasn’t bothered so much by anything actually financial in it; there were few surprises there – it was all the assurances they wanted. Do I really have a job at such-and-such salary, is the property really worth what I’m paying, is it fire insured, do I have the money for the promised down payment… etc., etc. Again, I’m not bothered by the fact they want to know these things, but I was a bit bewildered by the breadth of the requests. How was I to come up with some of this stuff?

As of Monday, after the previous post, I now also have a real estate lawyer; recommended to me, like the broker, by my rep. In email, he explained some of the basics of the agreement, and pointed out the things he’s responsible for providing in due course. That took a load off.

My mortgage broker and I also mutually wanted to meet to discuss the agreement, and as fate would have it, his office is a ten minute walk from where I work. I wandered over there yesterday and we talked for about an hour. That was great. He really cleared up what he needed from me to send to them, and when I got home, I got it together and scanned it and emailed it to him. So, one more thing is signed on and backed with documentation. I even know when the first payment is due. At this point, there isn’t a lot left; it’s mostly stuff the lawyer handles now. Then the closing costs, the transfer of title at the end of May. Then the real hard part: actually packing stuff up and moving. I’m glad there’s still over two months.

I also took the bus home along Sheppard Avenue for the first time yesterday, as I was smack-dab in the middle between two of the subway stops. I found it, Route 85, reasonably brisk, which was a blessing because by the time I was heading home, I had to pee with an ever-increasing urgency. As a result the ten minute walk home up my street wasn’t as enjoyable as it might otherwise have been. :)

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