AFTER YOU BUY

After You BuyCongratulations!  In a very short period of time you will be a property owner!  You have the deal in place but there are other import tasks needing attention before you get your keys.

 

Secure Your Deposit

If your deposit wasn’t submitted at the point of acceptance, it must be delivered to the listing brokerage within 24 business hours of acceptance.  In most cases it has to be a certified cheque or bank draft, so you will need to make a trip to your local branch to secure the funds.

Satisfy Conditions

If you have an offer conditional on home inspection, financing or other, don’t pop the bubbly just yet.  You need to get these important tasks appropriately settled before the deal is firm and binding.  Home inspections must be done, paperwork must be sent to your mortgage lender, and other items must be coordinated through your agent or lawyer in order to satisfy more complicated conditions.  Remember that there are always time constraints with conditions, so make sure you deal with the outstanding items in a quick and thorough manner.  Once you are satisfied with the inspection or your lender has approved your mortgage, you must execute a waiver and have it delivered to the seller’s agent within the conditional time frame in order to “firm up” on the transaction.

Go Visit Your New Home!

It will feel different stepping into the house or condo again once you have a firm and binding deal – different in a very good way.  Most deals have at least two ‘Purchaser’s Visits’ which allow you time to re-visit the property with family or trades people, take measurements or plan décor.  Visits are usually one hour in duration and are always accompanied by your agent.

Give Notice

Are you renting? You must provide your landlord with 60 clear-days notice of you vacating.  (‘Clear days’ means from the first day of the next month)

Change of Address

Fill out a Change of Address form online to forward your mail as of your closing date.  You will also want to notify your utilities, doctor, and family members of your new contact information and closing date.

Meet With Your Lender

You will need to execute your mortgage papers prior to the property closing and becoming your own.  Once your deal is firm, coordinate a timeline of required meetings, documents and money transfers with your lender.

Coordinate Home Insurance

Everyone needs it! Whether it is property insurance covering theft, fire, water and natural disaster or more simply just content insurance for a condo, it’s important to coordinate home insurance well in advance of closing.  Shop around for varied rates and services.

Meet With Your Lawyer

Usually a week before closing you will meet with your lawyer to do the final signing for closing.  Keep in touch with your lawyer in the weeks leading up to closing to ensure all is on track…your agent should too!

Closing Date

The time has finally arrived!  It’s important to note, however, that the actual time for closing is hard to time. Depending on the schedule of your lawyer and the seller’s lawyer on that particular day, closing can happen anywhere from 11am-5pm.  Don’t anticipate on getting your keys until 5pm, that way you won’t be paying movers to sit stagnant with your furniture while waiting for keys.  If possible, try scheduling your move the day after the date set for closing to avoid timing issues.

For a printable list of these and other tasks leading up to closing, please email me directly or click here.