Steps involved in Closing Home
JUST BOUGHT A HOME - WHAT NEXT?
Once you have signed the agreement of purchase and sale of your Mississauga home or condo, your responsibilities as a buyer start for closing home. Taking legal possession just closes one chapter and opens another more important one – to make sure closing home steps are carried through so you can now prepare for transfer of residence i.e... the date when the ownership of your new Mississauga property will transfer to your name.
Mississauga home closing checklist:
- Deliver executed agreement of purchase and sale plus copy of your property MLS listing to your bank/mortgage broker and to your real estate lawyer /solicitor as soon as possible.
- If you don’t have a lawyer, choose a real estate lawyer. Carefully review all fees and disbursements, land transfer tax, mortgage deductions, adjustments and other closing costs with your real estate lawyer.
- Fulfill all outstanding conditions in your offer, such as home inspection or financing. Ensure that you keep the offer valid.
- Send your approved mortgage applications to your lawyer.
- If you are a first-time home buyer and you plan to use funds from your RRSP as part of the down payment, the funds must have been contributed at least 90 days prior to withdrawal.
- If you are a tenant, notify your landlord about your plans to cancel your lease or sublet.
- Ask your insurance agent to draw up a “binder letter” before closing, showing the name of the insuring company, the amount of coverage, its expiration date, and the name of any lenders in the loss payable clause. You may choose insurance companies here.
- Contact the utility companies - water, hydro and gas departments to have the meters read for closing and setting up new accounts in your name with final bills sent to the Vendor. This must be verified a few days prior to closing. Then you proceed to contact the telephone and cable TV companies if you wish to.
- You may want to buy home systems and appliance breakdown insurance for your peace of mind. This insurance product will protect you from the high cost of repairs due to unexpected failure of home systems and major household appliances.
- If you are shifting into a condominium, check with the condo's management office if your monthly fee account has been set up, well in advance. Request for a copy of your condo documents from your lawyer. Read the rules, regulations and by-laws governing you and other condominium residents carefully.
- Arrange for your move as early as possible. If you are packing up yourself, get more boxes than your estimate, and plan for some extra time. If moving into a condo apartment, don’t forget to book your service elevator with your condo management, well in advance.
- Arrange to review, and sign all closing documents with your lawyer a few days before closing. You should also deliver the necessary funds for closing then. The funds should be certified and made payable to your lawyer/solicitor in trust. Be sure to get information about any payments due shortly after closing such as mortgage payments, property taxes and condominium maintenance fees.
- Obtain change of address forms from the post office. For a small charge, you can also arrange for your mail to be rerouted to your new home. Check out home moving check list.
- You'll receive your keys on the date of closing from your real estate lawyer. It is prudent to visit your newly purchased home/ condo the very same day. Call your lawyer/ real estate salesperson and inform them of your successful closing.
- You may also report things that are not to your satisfaction and or are in breach of your home buying contract to your lawyer/real estate agent.