Typically you will have anywhere from 30 to 90 days before closing day. The closing date is typically the day before your move-in or “possession” date. I will let you know what day and what time you will be getting the keys to your new property. It is normal that the exchange of money and title be complete before keys are released which could be late in the day.
Remember, this is an exciting time! I will ensure you are well-organised. This will pave the way for a much more enjoyable journey. Here are a few details to take care of before your closing date:
• Legal Stuff and Paperwork
You and I will need to provide your lawyer or notary with all the necessary documentation for your purchase. My office will take care of getting all the purchase documents to your lawyer or notary. However, you may need to provide your lawyer with some additional information: insurance, down payment information, adjustment payments, and other signed documents your lawyer may request.
• Down Payment and Closing Costs
Make the necessary arrangements to have these funds available a week prior to closing or when the lawyer has requested funds.
• Moving Arrangements & Change of Address
Whether you are using professional movers, renting a truck, or getting a bunch of friends together, I will help you plan and organize it early.
• Property Insurance
Arrange for home insurance before closing and request a proof of insurance at your financial institution in advance. Provide your insurance agent with the listing information and details such as age of the house, pool or no pool, type and condition of the roof, condition of the furnace, electrical and type of exterior.
Contact the local utilities such as BC Hydro and Fortis BC to coordinate the change of billing on closing. Also set up a new account or transfer your existing phone/internet/television account.
COMMON COSTS FOR BUYERS
No one likes unexpected bad news—especially the financial kind! Here is a list to help you prepare for the cost of closing, moving, and getting settled into your new home.
Common Closing Costs:
• Balance of down payment after initial deposit with offer
• Mortgage loan administration and/or appraisal fees
• Points or loan discount fees paid to receive a lower interest rate
• Credit report fees
• Mortgage insurance premiums
• Land transfer tax and title registration fees
• Title insurance policy premiums
• Survey expense
• Legal fees and related costs (couriers, photocopies, etc.)
• Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes
• Packing supplies
• Changing locks
• Painting, minor renovations, and repairs
• Furniture for additional rooms
• Lawn care and landscaping