Closing a deal involves many complicated and time-consuming legal maneuvers. That’s why you’ve hired a pro. I am here to do the work for you!
Your negotiations were successful and you have a legally binding agreement. But, is the house truly sold? Not quite yet. It’s time for the vital final steps known as “closing”.
Your Realtor and lawyer will do most of the work.
Your Closing Checklist
- Contact your lawyer and notify them than an Agreement has been signed. Make sure they are ready to close the transaction.
- Immediately begin satisfying any conditions of the agreement that requires action on your part. They have definitive dates for completion and failure to do so can result in a lot of hassles, or even spoil the whole deal.
- Notify your lawyer and lending institution if they buyer is assuming your mortgage.
- Contact the utilities, telephone, internet and cable companies about transfer or removal of service.
- Call your insurance agent and arrange cancellation or transfer of your homeowner’s insurance. If the home you are selling will be vacant for more than 2 or 3 days, make sure your insurance company is notified.
- Contact a moving company to arrange your move on or prior to closing date.
- Send out your change of address notices and advise the post office. Notify the Ministry of Transportation about your new address for driver’s license and registration.
- Notify your Realtor immediately if anything changes about your property or your situation.
- A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer.
- On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds unless they are to be used for the purchase of another property.