Close the Deal
Your offer has been accepted and you can’t wait
to move in. These are exciting times, but don’t
break out the bubbly just yet. You have to close
the deal. Your REALTOR® and lawyer will do most
of the closing work, but here’s your checklist.
- Immediately begin satisfying any conditions
of the agreement that require action on your
part. Your REALTOR® will fill out the documents stating that the
conditions have been satisfied.
- Have your lawyer begin searching title
to the property. This can take a while,
so make sure you give ample time.
- We recommend a home inspection to avoid
any unpleasant surprises on move-in day.
- Well before closing, get your homeowner’s
insurance. Your insurance broker will give you
a ‘binder’ letter certifying that you’re covered.
You can’t get a mortgage without this letter!
- Contact your lender and have them finalize
your mortgage documents. Have your
lawyer review them before you sign.
- Your lawyer will transfer essential utilities
like hydro and water, but you’ll have to
make sure telephone and cable companies
switch their services to your name.
- If you rent, you must give notice to your
landlord, or sublease your apartment.
- Begin planning your big move! Where
are those cardboard boxes?
- Send out your change of address information
and fill out a card at the post office.
Contact the Ministry of Transport about
changing your driver’s licenses.
- A day or two before closing, you’ll meet with
your lawyer to sign the closing documents.
Your lawyer will tell you in advance what
certified cheques you’ll need to seal the deal.
The big day arrives
Deliriously happy and emotionally exhausted,
here you are on closing day. You made it! If your
lawyer has arranged everything well, closing day
can be surprisingly low on drama. Before you know
it, you’ll be handed the keys you new home.
Next Step: Move In