May 16, 2012

A Smooth & Successful Closing Day

Posted by under Buying a Home
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Whether it took you a year to find the perfect house or the entire transaction was only the span of a month – closing day is coming up. Here are some things to remember as the day approaches so that everything can run nice and smoothly.

Things to get ready for the purchase

The Mortgage. Make sure the all of the payment details have been arranged and that all necessary paperwork has been signed (after a thorough examination of the fine print). If you haven’t done so, at least the day before closing, set an appointment with your mortgage provider representative. If you are thinking about buying mortgage life insurance, check first – if you have other life insurance – if you’re already covered. For those who made a less than 20% down payment, they will require mortgage default insurance, which can be paid upfront or combined with mortgage payments. Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial are two such providers.

The Deposit. A no-brainer perhaps but you’ll need to make the funds available for paying the down payment. Yes, all that hard work scrimping and saving is about to come to fruition. Those assets need to be made liquid before closing day of course. If you are a first-time home buyer using RRSP funds for the down payment, remember to check well in advance how long it takes your bank to make the transfer.

The Lawyer and the Legalities. You’ll need to meet with your real estate lawyer before the closing in order to go over all the final details, such as the final numbers and conduct a review of the mortgage terms, as well as all documents pertaining to ownership of said property and the conditions of purchase in preparation of signing the papers. The lawyer will also provide the deed, which as you may know, is the legal document which proves ownership. When the deed is signed by both the purchaser and vendor, the property becomes registered under the name of the purchaser and has been legally transferred in ownership.
Preparing for home ownership!

The Move. It’s going to be a lot of work, I’m not going to lie to you. Even if you decide to go with professional movers, you’ll still have to sort through what you want to keep, throw out or donate. For helpful tips and checklists, check out Zoocasa’s Moving Tips Centre.

The Setting Up. Although it will be part of the moving process, you need to plan for set up of utilities, etc. for your new home. Once you have all your dates in place, call your providers to set up appointments (if necessary) to have your cable, internet, phone, etc. installed or activated. If you need to switch or open a hydro account for the new home, make sure you get that squared so there’s no mix up of unpaid fees by the previous owner.

The Home Insurance. If you have insurance, it’s a good idea to call (if you haven’t done so already) to update the changes and go over your policy; you also want to make sure everything is covered in the upcoming move.

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