Closing the Deal
Your negotiations were a success. But before your house is truly sold, it's time for the vital final steps known as "closing". Your Real Estate Rep and lawyer will take care of the many complicated and time-consuming legal issues.
You still have plenty to do. Your closing checklist should include:
* Advise your lawyer that an Agreement has been signed. Make sure your lawyer is ready to close the transaction.
* Immediately begin satisfying any conditions of the agreement that require action on your part before the set date of completion creeps up on you.
* Notify your lawyer and lending institution if the buyer is assuming your mortgage. Contact the utilities, telephone and cable companies about transferring or removing service. Your lawyer will often handle the transfer of utilities.
* Call your insurance agent and arrange cancellation or transfer of your homeowner's insurance.
* 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 me immediately if anything changes about your property or your situation. * Contact with your lawyer if you plan to "discharge" or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you'll have to pay to discharge the mortgage.
* 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.