Once the offer has been made and accepted, the partners will make final adjustments to the legal agreement, based on the home they choose. The parties will need to agree on a percentage of ownership, common and private areas, required monthly expenses for maintenance, taxes and insurance. Once the agreements have been finalized, each party will be required to have an independent lawyer advise them on the agreement.
Beacon Law is the law firm that created the agreement and can assist in finalizing your agreement. They will also be able to recommend another law firm for one of the partners, so that there is no conflict of interest between the two parties. Visit the Beacon Law website for more information. Your contacts at Beacon Law are Del Elgersma (email@example.com)
When everyone is happy with the agreement, and subject conditions have been satisfied, we will remove the conditions and deposits will be put in trust.
After conditions have been removed, you and your partners can set up a bank account to handle mortgage payments, taxes, insurance and a contingency fund.
The closing date and possession dates are typically one day apart, to allow the lawyers to get the funds transferred and for us to pick up keys. One of our team member will meet with you and your Home Ownership partner and hand over the keys on the possession date, and will also do a walk through of the home with new owners.
And finally… Move in!