After receiving an offer and artfully navigating that stage, you are ready to close the deal. A stage of home sale that has its own pits and falls that our expert agents will get you through.
Who will do most of the work here?
This is where you have done most of what was your due share. Its now time for you to sit back and let the professionals do the job. The closing involves a series of legal steps that must be completed to formally close the deal.
What should be on your Closing Checklist?
- Notifying your lawyer. You may have a lawyer of your own. If not, our agents have many trusted lawyers to help you cover the legal aspects of the closing the deal. A lawyer needs to be notified that an offer has been accepted
- Fulfilling any conditions listed in the agreement. Review the agreement signed and take note of any time-sensitive conditions that must be met in order for the deal to be closed.
- Inform your lawyer and the bank if the buyer is going to assume your mortgage
- Your utility providers such as the phone, cable, internet, hydro need to be notified. You must clear all your dues and have your services terminated or transferred to your new location if possible.
- If you have home insurance, you need to cancel that as well. Make sure that the insurance provides coverage until you have the legal possession of the house.
- You may also start applying for a new driver’s license to notify the ministry of transport about change of address.
- You should also notify the post office about your new home address or an address where mail can be forwarded if you don’t have an address yet.
- You may enlist the services of a moving company or friends and family. In either case, you must get the ball rolling on that as well.
Other Legal Proceedings
You may plan to pay off your mortgage with the profit you just made on your home sale. If that is the case, you will need your lawyer or financial advisor to obtain a formal statement of how much you owe the bank. You must sign the necessary paper work to have the title of the house transferred to the buyer.
Once all the obligations of the bank are met, you lawyer will receive all the money on the day of closing. He will make all due payments and present you a cheque for the money that is all yours.
Time to Celebrate!
Congratulations! You just sold your home and have the money to buy a new property or invest it however you like.