Closing home steps

You’ve signed the Agreement of Purchase and Sale. What’s next?

Signing the agreement of purchase and sale of your Mississauga home or condo does not end up your responsibilities as a home or condo buyer. You should be looking forward to your closing date, i.e..; the date when the ownership will transfer. Here is what needs to be done on your part:

• 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 now. 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. Coverage should be for the full insurable value of the building only (not the land) on a replacement cost basis.
   
• Contact the utility companies- the water, hydro and gas departments to have the meters read on closing and new accounts set up in your name with final bills sent to the Vendor. Verify that this has been done, a few days prior to closing. It’s up to you to contact the telephone and cable TV companies.
   
• If moving into a condominium, verify with condo's management office that your monthly condo fee account has been set up, well in advance. Request a copy of your condo documents from your lawyer and read the rules, regulations and by-laws governing you and other condominium residents.
   
• Arrange for your move as early as possible. If you are doing the packing yourself, get more boxes than you think you’ll need, and plan for extra time. If moving into a condo apartment,  remember 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. At that time, you should also deliver the necessary funds for closing. 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 successful closing. You may also report things that are not to your satisfaction and or are in breach of your home buying contract.