When you’re moving out of, or into a home, you can get overwhelmed with packing and organizing, never mind changing your mailing address and all the other stresses involved with a move.
It’s very important however to make sure that you’re at the top of your game when it comes to the final days of either selling or buying a home. In order to make life just a little easier during those days, here’s a checklist of what you need to do in both scenarios:
Buying a home:
- Have your cable and telephone providers ready to install right after closing.
- Your movers should be scheduled to come later in the day after the previous occupant has moved out. If you’re moving into an apartment or condo, arrange for an elevator with the management.
- Your pre-closing inspection should be planned just before closing. This way you can ensure that the property is in the same state as when you signed the offer.
- Get title insurance! Talk to your lawyer to make sure this is completed. It’s very important to protect you from any deficiencies in the title property or any unknown mortgage liens. You should also discuss how you will be taking title of the property.
- Arrange for property insurance. In a condo, it’s important to protect your contents and any liability. Fire insurance is crucial when purchasing a home.
- Have the utility company check the meters when you close, so you’re not responsible for any previous charges.
- Find out what, if any, deductions you will be incurring from the bank, and ensure you have the money ready for closing. This generally happens if you get a mortgage for less than 20% down.
Selling a home:
- Arrange your movers for the morning, and try to have everything completed by 5pm.
- Have all utility meters read on the day of closing so you don’t incur any charges afterward.
- Contact your cable and telephone company to arrange to have your service moved or cancelled upon closing.
- Make sure you have given your lawyer a copy of the deed, survey, mortgage and any property tax bills. You should also give one set of keys to your lawyer a few days before closing.
- Once the deal is closed, cancel your home insurance policy. If you plan on leaving the house vacant for at least 30 days before closing, notify your insurance company so that you’re covered if anything happens.
- If you’re considered a non-resident of Canada (Which means you’ve lived outside of the country for more than 183 days), you will need to obtain a certificate from the Canada Revenue Agency for any income tax payable. Otherwise, the buyer can hold back 25% of the sale price until you receive it. Make sure to discuss this with your lawyer as soon possible as this can take up to two months to complete.
Keeping a checklist on hand for all the little jobs you need to complete can help make your transition smooth, not to mention protecting yourself financially. If you require any further assistance with the purchase or sale of your home, please contact me. I would be happy to help.
