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Prepare to Move

Once you've sold your home, you can proceed with your move and tie up loose ends.

Create a file in which to keep all closing and settlement papers: include receipts for any home improvements

you made while you owned the house. Even though it's unlikely you will have to pay capital gains tax, you will

need these figures for your next tax return.

If you are planning to buy another home, decide how much you need for a down payment and moving costs. If

you made a profit on your home sale, it may be wise to make a minimal down payment on your next home,

and invest the rest. This will depend on your tax situation and how the numbers evolve. Consult your financial

advisor. If you aren't buying another home right away, you may want to opt for a combination of long-term and

short-term savings and investment plans.

Make sure that your sales proceeds are in the right place when you issue checks at closing. Do a walk-through

of the property right before closing to avoid last-minute surprises.

Avoid getting caught by late payment fees: Before you move, send change-of-address notices to creditors,

professional associations, and publications to which you subscribe.

If you are closing your sale and purchasing a second home simultaneously, it's important to make sure your

utilities are switched off at your previous address and switched on at your new address around the closing

date.

Posted by Sasha Miletic - Windsor Real Estate on 03/07/2008 10:01 AM

Comments (2)

This post has been included in Ontario Information Essex County, ON Information Windsor, ON Information

2 Comments on Prepare to Move

I am glad that you noted that the seller should know how much they need to down payment for there new home. How frustrating to everyone involved when the sale goes paid because the seller can not close on a new home for one reason or another. The seller along with the potential buyers should be in contact with a Mortgage professional at the beginning of the process.

03/07/2008 10:21 AM

by Darcy Rockwell- Mortgage Consultant (eMortgage LLC)

Sasha - I particularly liked your "Avoid getting caught by late payment fees: Before you move, send change-of-address notices to creditors, ... " how often do we get a call from a new purchaser asking for the forwarding address for the vendor as their mail is continuing to arrive at the home they sold.

03/21/2008 12:55 PM

by Kathy Clulow ASP® SRES® (RE/MAX Scugog Realty Ltd Brokerage)

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Real Estate Agent: Sasha Miletic - Windsor Real Estate (RE/MAX Preferred Realty Ltd.)

Sasha Miletic - Windsor Real Estate
Windsor, ON
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RE/MAX Preferred Realty Ltd.

Office Phone: (519) 944-5955
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