12 Step Guide to Buying Your Home
STEP #11 - Close The Deal
Buying or Selling real estate is probably the largest financial transaction you will make and there is much to think about. Please browse through the ilinks below so when you are ready to make that leap into home ownership you will be much better informed.
12-Step Guide to Buying Your Home in Mississauga
- Step 1: Make Sure You’re Ready to Buy
- Step 2: Figure Out How Much You Can Afford
- Step 3: Decide What You Want to Buy
- Step 4: Find a Realtor® that is Right for You
- Step 5: See What’s Out There
- Step 6: Sell Your Current Home
- Step 7: Add a Lawyer to Your Team
- Step 8: Make an Offer
- Step 9: Arrange a Mortgage
- Step 10: Find a Home Inspector
- Step 11: Close the Deal
- Step 12: Move In
Step 11: Close the Deal.
Your offer has been accepted and you can’t wait to move in. These are exciting times, but don’t break out the bubbly just yet. You have to close the deal. Your REALTOR® and lawyer will do most of the closing work, but here’s your checklist.
- Immediately begin satisfying any conditions of the agreement that require action on your part. Your REALTOR® will fill out the documents stating that the conditions have been satisfied.
- Have your lawyer begin searching title to the property. This can take a while, so make sure you give ample time.
- We recommend a home inspection to avoid any unpleasant surprises on move-in day.
- Well before closing, get your homeowner’s insurance. Your insurance broker will give you a ‘binder’ letter certifying that you’re covered. You can’t get a mortgage without this letter!
- Contact your lender and have them finalize your mortgage documents. Have your lawyer review them before you sign.
- Your lawyer will transfer essential utilities like hydro and water, but you’ll have to make sure telephone and cable companies switch their services to your name.
- If you rent, you must give notice to your landlord, or sublease your apartment.
- Begin planning your big move! Where are those cardboard boxes? Book your moving service early to avoid scheduling problems.
- Send out your change of address information and fill out a card at the post office.
- Contact the Ministry of Transportation about changing your driver’s licenses.
- A day or two before closing, you’ll meet with your lawyer to sign the closing documents.
- Your lawyer will tell you in advance what certified cheques you’ll need to seal the deal.
The big day arrives
Deliriously happy and emotionally exhausted, here you are on closing day. You made it! If your lawyer has arranged everything well, closing day can be surprisingly low on drama. Before you know it, you’ll be handed the keys you new home.