Buyers: What To Do After Your Offer is Firm and Before Possession

Congratulations on buying your home! Through all of the excitement of getting ready to move into your new home there is still work to be done before you move in. Here is a list of the things I always tell my clients to do in order to be ready for move in day:

 

Contact Your Lawyer or Notary. Your lawyer /notary will do the following:

• your realtor will send all required paperwork to your lawyer once you have a subject free (firm) transaction
• prepare a statement of adjustments – account for any expenses paid up to the closing point, in case of a rental property your lawyer will account for deposits collected, rental income adjustments, property taxes and city utilities
• co-ordinate any mortgage documents that need to be signed
• arrange for you to sign the necessary transfer documents
• buyers will need to provide a bank draft for the balance of their down payment and/or payment

 

Schedule a moving company or call to rent a moving truck. It is advisable to book a moving company or moving truck once your contract is firm. Moving companies tend to have very busy days towards the end of the month and depending on your moving day, it will remove any stress knowing you have this booked.

Notify Utility Companies. This includes electricity, gas, internet, telephone, alarm and cable companies. You should notify them of the possession date and if you will be transferring their services to your new home, make sure you give them your new address and applicable end date for utilities at your old location.

Contact your home insurance company. You will want to make sure that your home owners insurance policy is active on completion day. It is advisable to have an overlap of house insurance with the seller.

Pick up keys. Your buyer agent will arrange a time with you to give you keys to your new home depending on what is stipulated in your contract. It will either stipulate the date and time of possession or it will stipulate upon registration.

Change the locks. This is not required but suggested just to be on the safe side. You can arrange with a locksmith to have the locks changed upon possession.

There are a lot of tasks that are involved with buying your home so don’t hesitate to talk with your real estate agent so they can guide you through the process from start to finish and provide you with the necessary support to make this process as stress free as possible.