Week 11: Pre-Closing

Week 11: Almost There … Pre-Closing Details for Buyers

Buying a Home 101 series – Week 11

This step-by-step series will take you through the entire home-buying process — from finding a buyer’s agent to Closing day, and all the details in between. Every first-time buyer will find this information-packed series easy to follow and understand. Make sure to tune in for the next couple of weeks as we wrap up this series!

You don’t want any surprises when you close on a home. As a buyer, ensuring a smooth transition to becoming a homeowner should be set in motion well before you sit down with the sellers that day.

Here’s a handy breakdown with your pre-closing to-do’s. That way you’re all prepared for when your Possession day arrives:

Check Off Pre-Closing Tasks

You’re moving in to a new home so you want to make sure it’s all ready for you and your family. Now is a good time to get certain appointments booked and accounts set up.

• Connect your utilities— You don’t want to move in without any power turned on! Get in touch with your utility providers to set up your accounts. You will need to set up electricity, natural gas, and notify your municipality for water /sewer.
• In Alberta, there are often choices for utilities, so shop around! The Utilities Consumer Advocate is a great option for researching and comparing rates. Click (here) for more information!

Depending on whether you have gas or if water is included in your condo fees, you may need to contact those services too.

Set up all of your accounts to start on the day of Closing, as that is when your billing would start. It does not have to be the day you move into the property. If you need someone to come to your home to set up a service, have them come a day or two after Possession day. If you schedule for Possession day, you may have to cancel and re-book in case you don’t get the keys on time.

You can get cable and internet service at a later date (if you can survive for a bit!).  However, you can schedule your appointments now for a convenient date.

• Contact your insurance company—Make sure you have your homeowners/hazard insurance starting on the date of Closing as well.  Also be sure to send a copy of the policy to your lender. Your lawyer will request it as well.

Get Prepared for Closing Day

When the big day arrives, you want to make sure you have everything you need, including any necessary funds. Don’t be rushing around at the last minute, so read over the list below. Up to a week or a few days before Closing, your lawyer’s office will arrange for you to come in and sign paperwork transferring the property from the seller to you.

• What to bring to the lawyer— Bring your driver’s license and a certified cheque made out for the remainder of your down payment, fees, etc. not covered by mortgage. Your lawyer will provide specific instructions on this.  

If you are moving funds around, please be aware that banks typically put at least a 3 day hold on large transfers.  If you’d prefer to wire your funds directly to the lawyer, they can provide you with instructions.

• Your lawyer will have the details of your new mortgage. Your lawyer will review the details of your mortgage with you (your lender should have done this as well), and will have you sign papers that transfer the Title in your name. If there is an RPR (Real Property Report) your lawyer will review that as well, but your agent would have gone over this with you at time of Offer. There shouldn’t be any surprises!
• Final walk-through— If you wrote this term into your Offer, mark your calendar for the time to meet at your new home for the final walk-through. This is usually scheduled just prior to the actual closing. This is your opportunity to inspect the home and its condition. It also enables you to confirm that any items that you and the seller have agreed to repair and remain are there. If there are any issues, contact your lawyer immediately so that the issue can be resolved. Keep in mind that this is not common in our market, but I always recommend in the case of homes previously used as rentals, or in cases where the Buyer asked the seller to complete repairs before Possession.

This is an exciting time since you’re almost in your new home! You don’t want anything to be delayed or forgotten right now so double check that all tasks have been completed. Put a big red check mark next to each item when done!

I hope you now have the confidence and knowledge to buy a home!

Just remember, throughout this part of the process you are not alone—I’ll be in touch every step of the way making sure everything goes smoothly and you know what to do when.  I’ve got you!

Next week is the final article in the series!  It came too fast, so I’m also sending you a bonus article about how to maintain your home after you move in.  Stay tuned for next week’s article — How to Make Your Possession Day / Closing a Success.