Home Closing Steps

Home Closing Process in Mississauga and the GTA

Congratulations on securing your new home or condo in Mississauga and Area.

As you move forward with your real estate journey, the steps involved in closing the deal come into focus. Closing marks the transition from one phase to another, ensuring the seamless transfer of ownership.

Here is a breakdown of the essential home closing steps

• Communication and Documentation
  • Share the executed agreement of home purchase and sale, along with your property's MLS listing, with your bank or mortgage broker and your chosen real estate lawyer. Prompt communication is key to kickstarting the closing process.
• Legal Preparation
  • If you haven't already, select a reputable real estate lawyer. Review the associated fees, including disbursements, land transfer tax, mortgage deductions, adjustments, and other closing costs with your lawyer.
• Meeting Conditions
  • Ensure all outstanding conditions in your purchase offer are fulfilled, whether they relate to home inspections, financing approvals, or any other terms. Maintain the validity of your offer.
• Mortgage Application
  • Submit your approved mortgage application to your lawyer. This step keeps the financial aspects aligned for a smooth transition.
• Financial Preparations
  • For first-time home buyers using RRSP funds as part of their down payment, ensure the contributions have been made at least 90 days before withdrawal.
• Tenancy Transition (if applicable)
  • If you're a tenant, inform your landlord about your intentions to cancel the lease or arrange for subletting.
• Home Insurance
  • Request a "binder letter" from your home insurance agent, providing essential coverage details for closing. This is crucial for protecting your investment.
• Utility and Service Transfers
  • Contact utility companies for meter readings and account setup. Ensure bills are directed to the vendor. If needed, make arrangements with telephone and cable TV companies.
• Heating and Cooling Maintenance Plans
  • Consider purchasing heating and cooling maintenance plans for added peace of mind, safeguarding you from unexpected HVAC and A/C failures.
• Condo Considerations (if applicable)
  • If moving into a condominium, confirm your monthly fee account setup with the management office. Obtain condo documents from your lawyer to understand rules and regulations.
• Moving Arrangements
  • Plan your move well in advance with a moving checklist, including booking service elevators for condo moves and ensuring you have ample packing supplies.
• Legal Review and Funds Transfer
  • Review and sign closing documents with your lawyer before the closing date. Provide certified funds payable to your lawyer in trust, covering all required payments.
• Change of Address
  • Complete change of address forms with the post office and consider redirecting your mail to your new residence.
• Receiving the Keys
  • On the closing day, receive your keys from your lawyer. Consider visiting your new property and informing your legal or real estate representatives of a successful closing.
• Final Check and Communication
  • Review your home closing checklist to ensure all steps are addressed. Notify your lawyer or real estate agent if there are any concerns or discrepancies.
  
  

  Navigating the home closing process requires attention to detail and timely coordination. By adhering to these steps, you are setting the stage for a successful transition to your new Mississauga property.