The home buying process can be intimidating and stressful. This is particularly true for first time buyers who may be puzzled by this process. To ease the stress, this column will list the top ten questions that you may have in the closing process. Your lawyer should deal many of these questions with.

1.What is Land Transfer Tax? Land Transfer Tax is a provincial tax that is charged when you purchase a home. The tax is based on the value of the home. Thus, the higher the value of the home, the more tax you will pay. Keep in mind there are situations where the purchase may be exempt from Land Transfer Tax. This applies to first time buyers, however, there are exceptions. Check with your lawyer on this. As well, the City of Toronto has its own Land Transfer Tax in addition to the provincial tax.
2.How are property taxes dealt with on closing? Your lawyer will make an adjustment for realty taxes. If you are buying a home and the vendor has not paid the taxes, there will be an adjustment on closing reimbursing you for the unpaid taxes. The opposite applies where the vendor has overpaid the taxes. In the end, you will pay exactly what you owe.
3.Should I obtain a survey or title insurance? This is a complex question and you should consult with your lawyer. There are many situations where a survey should be obtained, particularly where future renovations or additions are contemplated. If there is no survey of the property and no renovations are contemplated, you may not want to incur the cost of a new survey. Title insurance provides excellent protection against a number of possible problems, including fraud. For that reason, many lawyers recommend it on every transaction.
4.Is a final inspection necessary? It is very wise to conduct a final inspection of the home just prior to closing. That way, any possible defects can be identified, reported to your lawyer and resolved prior to closing. Failure to do so may result in you pursuing the vendor after closing. This may prove to be difficult. Consult with your real estate agent and lawyer to determine how you can obtain the right to conduct a final inspection.
5.When will I get the keys? This is a very common question. The answer is that you will get the keys when the transaction closes. It is very difficult for your lawyer to tell you with any certainty when this will happen. Many factors make it impossible for the lawyer to tell you exactly when you will get the key. For this reason, do not book your movers until later in the day.
6.What needs to be done about utilities? It will be your obligation to contact the utility companies and set up new accounts. Similarly, you will want to contact the telephone company and the cable company to make the necessary arrangements.
7.What happens if something does not work after closing? After closing, it is very difficult to get these matters resolved. This is frustrating for purchasers.