CLOSING DAY PREPERATION

FOR A SMOOTH CLOSING

Finding A Home Inspector
Assuming this contingency was in your offer, The inspector should provide you with a written report detailing any flaws found including information about the severity of the findings. If severe problems are found, your contingency clause should permit you to cancel the contract without obligation.
Home inspections allow you to scrutinize the details of the home and save you from some unpleasant surprises. Below is a list of recommended professionals, but keep in mind when making your decision:
  • Ensure that the home inspector is a qualified professional.
  • Ensure the home inspector checks for visible issues with plumbing, electrical systems, the roof, insulation, walls, ceilings, floors and windows, and the condition of the foundation. They can also check that included chattels, like furnaces and air conditioners, are working.
  • Ensure your home inspector gives you an up close and personal look at your new home, It takes about 3 hours to go through all the systems, and if there are any problems, you will see them with your own eyes. They will also give you maintenance tips and easy fix-ups, if necessary.
  • Ensure that the end, you receive a detailed report that summarizes the condition of your home.
Choosing A Lawyer Or Notary
Your lawyer or notary is an invaluable member of your team whose job is to ensure that you get what you are paying for an in accordance with the terms of your agreement of purchase. A lawyer/notary will ensure:
  • There is nothing on title that is not supposed to be there.
  • The property taxes, utilities and condo fees, if applicable, are up today.
  • You have all the information that you need about your new home.
  • Your mortgage lender is satisfied and that your mortgage is secured on property title as requested by your mortgage agreement.
  • You know exactly how much money you will need in order complete the transaction.
  • They also ensure that the seller gets paid the purchase price.
  • Title is legally transferred.
Finalize Your Mortgage
Make sure you have supplied your lender with all necessary documents and that your financing is in place for closing day.
Lawyers
I will send your lawyer the information about your purchase. You will need to provide the lawyer with some additional information: insurance, down payment information, fee payments, adjustment payment and possibly other signed documents that they ask you for. You will meet with the lawyer about a week before the closing to finalize everything.
 
  • Title Search DateIs called a ‘Requisition Date, often referred to as a title search deadline date, is the last date upon which a buyer’s lawyer can require the seller to clear up any title problems. This may be important, especially if the buyer intends to mortgage the property.
  • Down Payment and Closing CostsMake the necessary arrangements to have the funds available when the lawyer asks for it. Liquidating some assets can require additional time.
  • InsuranceThe lawyers will need a copy of your home insurance before closing so that the financial institution will release the money to them. Call your insurance broker with the listing information. They may want to know the age of the house, condition of the roof, furnace, electrical system, as well as other general information.
Attend A Final Walk-Through
A pre-closing walk through is a final check to ensure that the home is in the same condition it was during the inspection. The timing of the walk through is usual set one week prior to closing.
Movers
Whether you are using professional movers, renting a truck or getting a bunch of friends together, plan and organize it early. Make sure to set aside moving costs and to pre-book your moving truck and hired help to ensure your on schedule come closing.
Change of Address
It's time to start giving out your new address to everyone.
Utilities
It is important that you call the local utilities to get their services changed into your name. These include phone, internet, television, gas, electricity, water, and any rental agreements. Remember too, to cancel the service at your old address.
Preparing To Move
Typically you have anywhere from 30-90 days  to get everything ready for your home. It could be shorter or longer, depending on what you need and have agreed upon with the seller. The closing date is usually the same as your move-in-date. It is good idea to get things organized well in advance of closing date to reduce the stress of the move.
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CLOSING DAY

PREPERATION

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THINKING OF BUYING

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CLOSING DAY CHECKLIST

FOR A SMOOTH CLOSING

Elizabeth Hobson Toronto Real Estate Agent
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