Closing And Moving

What does closing entail?

Closing Day

Closing day is the day when you finally achieve your goal — you take legal possession and finally get to call your new house your own. You are sure to feel great relief and satisfaction but remember that the homebuying process isn't over just yet. There are quite a few things that need to be done on closing day:

Your lender will provide the mortgage money to your lawyer/notary.
You must provide the balance of the purchase price to your lawyer/notary along with the closing costs.
Your lawyer/notary pays the vendor, registers the home in your name, provides you with a deed and the keys to your new home.

Although it is a much anticipated day most of the work is completed ahead of time with all of the legal documents being signed in the lawyers office usually a few days prior to the closing date. You won't see any cash exchange hands; rather, you'll go to the lawyers office late in the day to simply pick up the keys to your new home.

Any terms agreed to in the Agreement of Purchase and Sale such as painting a room, replacing appliances, exchanging light fixtures etc must be completed prior to the date of closing.

Closing costs: Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on closing day. They range from 1.5% to 4% of a home's selling price.

Deed: A legal document that is signed by both vendor and purchaser, transferring ownership. This document is registered as evidence of ownership

Checklist for Closing

Complete any final inspections of the property;
Ensure that all details regarding your mortgage have been finalized;
Set up new/updated accounts at your new home with all utility, phone and cable companies;
Send out change of address cards, which you can get from the post office;
Advise anyone who provides service at/to your home of your address change (e.g., gardener, newspaper carrier, etc.);
Have your mail to your old address redirected by the post office to your new address;
If you are currently renting, give your landlord the required written notice. Ensure that any deposit that your landlord is holding as "last month's rent" is propertly credited to you;
Arrange for a change of address effective on the date of closing for your driver's license, health card and any other government identification/accounts;
If you will be moving out of your current neighbourhood, arrange for the transfer of any personal records to your new health professionals (e.g., doctor, dentist, pharmacist, optometrist, etc.);
Consider whether you need to change or cancel any memberships with any organizations (e.g., Business, athletic, social, religious, etc.);
Book your movers for the day of closing. When scheduling the time with your movers, bear in mind that you cannot move in to your new home until the transaction has been completed--usually in the afternoon. If you book the movers for too early in the day, you may be paying them to wait with the truck at your new home until you have confirmation that the deal has closed;
If you are moving into a condominium with elevators, make sure that you book the elevators for late in the day, so that the movers can move you into your new home;
Purchase appropriate house or condominium insurance to be effective as of the closing of your transaction;
Find out from your lawyer the amount that you will be required to pay to close the transaction. This will include any part of the purchase price not covered by your deposit or mortgage funds, land transfer tax, your lawyer's fee and disbursements, etc. Ensure that you have these funds available when they are required;
If you have pets, ensure you have planned for their safe transfer to your new home.

Checklist For Family Moving

Send Change of Address to:

Post Office: give forwarding address
Charge accounts, credit cards
Subscriptions: notice requires several weeks

Don't Forget:

Bank: transfer funds, arrange check-cashing in new city
Insurance: notify new location for coverage: life, health, fire, auto
Automobile registration: transfer of car title registration if necessary; also driver's license, city windshield sticker, motor club membership
Utility companies: gas, light, water, telephone, perhaps fuel; get refund of deposits; arrange for immediate service in new location
Route deliveries: laundry, newspaper, milk, diapers; changeover of services
School records: ask for copies or transfer of children's records
Medical, dental, prescription histories: ask doctor and dentist for referrals, transfer needed prescriptions, eyeglasses, x-rays
Church, club, civic organizations: transfer memberships, get letter of introduction
Pets: ask about regulations for licenses, vaccinations

And be Sure to:

Plan for special care needs of infants and children
Empty freezer, plan use of foods
Defrost freezer/refrigerator--place charcoal inside to dispel odors
Have appliances services for moving
Clean rugs or clothing before moving; have them wrapped for moving

And on Moving Day:

Carry currency, jewelry, and documents yourself or use registered mail
Plan for transporting pets
Carry traveler's cheques for quick, available funds
Let close friends or relatives know route and schedule you will travel, including overnight stops; use them as a message headquarters
Double-check closets, drawers, shelves to be sure they are empty
Leave all old keys needed by new tenant or owner with agent or REALTOR®