House Closing Checklist in Ontario
Home Closing Checklist for Buyers
If there are conditions in your offer, you have the option to have those conditions carried out, or you can waive the conditions and notify the sellers accordingly by the deadline stipulated in the offer. Then you are into the final real estate closing stage.
Provide all the documents required by the mortgage specialist, and ensure the financial loan is ready for the house closing.
If you are currently renting, please provide the written notice (usually 60 days in advance) to your landlord based on the Residential Tenant Act, and then get your deposit back.
Review the documents prepared by your lawyer a week before the closing day and get them signed on time.
Apply for home insurance two weeks before the closing date, with the policy effective on the day of possession. Discuss with your lawyer the necessity of title insurance.
Schedule the final walk-through via your realtor to ensure nothing unexpected has happened on the property.
Make sure you have enough money for the closing costs and have it delivered to your lawyer on time.
Close the old accounts and apply for new accounts regarding utilities, internet, cable, phone services. Confirm with your lawyer what the utilities they will notify on your behalf.
Update the address such as post office, bank, credit card, health card, vehicle permit, driver’s license, etc.
Arrange the move to the new home. If you are moving to a condo, please check with the property management, to book the service elevator in advance, and follow the condo by laws and regulations.
Get the key or access code from the lawyer after the closing.
Home Closing Checklist for Sellers
- After you accept the offer, if the offer is conditional, you need to be patient for the condition either to be waived or fulfilled.
- In the case the buyer discovers something broken during the pre-closing visits, you may need to be prepared for additional negotiation. But it would probably be more minor.
- In the case there are dramatic situational changes from the buyer's side, you keep the deposit and you may even require jurisdiction claims since the buyer is bound by the contract.
Once the closing day arrives, you may need to carry out the following actions:
Review the documents prepared by your lawyer a week before the closing day and get them signed on time.
Clean the property, preferably after moving out your belongings.
Change your address for the post office, driver’s license, vehicle permit, etc.
Supply the lawyer with a deed, mortgage and loan payoff information, survey, current property tax bills, and documentation of repairs, if any, that you’ve made per the home inspection.
Provide the keys and security codes for your home.
Gather appliance manuals, receipts, and warranty information for your new buyers.
On the closing day, have the utility meter reading recorded and take responsibility for your part, which will be adjusted through your lawyer.
Cancel the internet, cable, phone service, etc.
Home insurance would be canceled only after receiving the deal close confirmation.
Home address-related pre-authorized checks and postdated checks need to be canceled as well.
If you are a non-resident of Canada from a tax standpoint, you need to acquire a certificate from the Canada Revenue Agency that you’ve paid the applicable tax. Otherwise, the buyer will withhold a portion of the sale price, say 25%. Since this process takes time, please advise your lawyer as early as possible.
