You Just Bought a Home! Here’s How Your Sale is Finalized Between Purchase Date and Closing

You Just Bought a Home! Here’s How Your Sale is Finalized Between Purchase Date and Closing

You Just Bought a Home! Here’s How Your Sale is Finalized Between Purchase Date and Closing

Posted on June 10, 2020

The process of buying and selling a home is often described as a whirlwind experience. It can be emotional, exciting, and when you’re new to real estate, it can be a little confusing. Once you have an accepted agreement in place, many buyers wonder, what happens now? Generally, it goes something like this:

Your offer has been accepted! Does it have conditions?

An accepted offer is either firm on the purchase date, or comes with conditions that will need to be fulfilled. The standard conditions typically revolve around securing financing, getting a home inspection, and in the case of a condo, review of a status certificate. In some cases, there may be more unique conditions, such as making the deal contingent on the buyer selling their home. Once all conditions have been met, the deal becomes firm and the process of closing begins.

Next Steps For Buyers:

  1. Send your mortgage broker a copy of your agreements and discuss what is required to move forward with financing for the purchased property

  2. Your lawyer will conduct a title search to retrieve all records and documents that are relevant to the property. The documents are then reviewed to make sure there are no deficiencies, liens against the property, or other issues that cannot be rectified by the lawyer. Your lawyer will also order title insurance for you, which will protect your property against title defects, survey issues, work orders and frauds while you own the property.

  3. The number of times you can visit the house before you take possession has been outlined in your agreement of purchase and sale. Schedule your final access visit with your realtor for a few days before closing to check that everything at the property is in order.

  4. Arrange for all utilities to be transferred to your name and schedule installation for cable/internet services. So that you are only responsible for charges after you move in, contact the utility companies to have them take note of the meters on closing.

  5. Decide on a home insurance policy and ensure it will be effective as of your closing date.

  6. Get ready for your move! Schedule any moving related services for later in the day, or the day after closing, as you can close on your new home any time up until 5pm.

  7. Meet with your lawyer to deliver the balance of money owed outside of your mortgage and sign all paperwork a few days prior to closing. Sign any final documents needed to close the deal.

Next Steps For Sellers:

  1. Provide your lawyer with any other documents relevant to the sale of your home (deed, mortgage, survey, tax bills)

  2. Schedule your move for on or before the day of closing. We always recommend moving before closing day if you can for a smoother process, but if you must close on the same day, plan movers for the morning to ensure you are out by the time the deal closes. Your deal can close any time up until 5pm.

  3. Do not cancel your home insurance until the deal has closed. If you plan on moving out before the closing date, let your insurer know the home will be vacant and for how long. Take note of your utility meters on the day of closing so you will only be responsible for charges prior to the transaction being completed.

  4. Visit your lawyer a few days prior to closing to sign the final closing documents. Don’t forget to bring keys to the home with you for the lawyer to hand over once closed.

  5. On closing day (so long as closing has not been delayed or adjusted for any reason) the purchaser’s lawyer will transfer the balance of funds owed to the sellers, after which they will instruct their lawyer to hand over the keys. The sellers’ lawyer will coordinate the key exchange with the buyers and buyers’ representative and the deal is done!

Have questions? We’re here to help. Reach out for more information on the closing process.

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All statistics calculated using data available through REality™.
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