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How To Prepare For The Day Of Closing ?

How To Prepare For The Day Of Closing ?

By

David Doe
*

Published in

Real Estate
*

02 Dec 2021


What do I need to know to prepare for the closing date ? First, you're probably looking forward to closing day, whether you're a buyer or a seller. This is when the home is officially transferred from the seller's to the buyer's ownership. The majority of buyers refer to it as "the day we get our new keys !" Whether you're buying or selling a home, there are a few things you should consider before the big day, as well as before moving in and moving out.

How Buyers & Sellers Get Ready ?

How Buyers & Sellers Get Ready ?

A few days before Closing, both homebuyers and sellers should schedule an appointment with their lawyer. This is the day you'll sign all of your deal's final paperwork and double-check that everything is for a smooth transition.

PRO TIP: At this appointment, the home sellers, should bring one house key to their lawyer's office. The buyer's lawyer will make sure they get it on closing day to move into their new home. Other keys, such as garage door openers and mail keys, can be left on the kitchen counter inside the house, where the buyers will find them.

What Happens On The Day Of Closing ?

"When do we get our keys ?" is one of the most frequently asked questions to real estate agents on closing day. Unfortunately, your agent is unable to respond to this. It's a question that neither your lawyer nor the bank can answer. There are a few things you need to do before getting your keys.

Actions To Take Before Receiving Your Keys

  • Funds must be transferred from the banks to the lawyers' trust account.
  • If you sold first, the bank will have to wait for the buyers of your old home to transfer funds before transferring these funds to your new home. It depends on how many bank closings are scheduled for that day and how quickly everyone can resolve the situation.
  • Once the funds have been transferred, the lawyer will need to go to the bank to obtain this money to pay the seller of your new home.
  • This necessitates them taking the time to travel there and obtaining a certified check in the amount owed for either your down payment or any remaining funds to be returned to you.
  • After the money has been exchanged; the lawyer must register your name on the title. This entails working with the registry office to ensure that the title is clear and that your name is added to the mortgage with the appropriate amount (if any). The goal is to have everything done by 4 to 5 p.m., the end of the day.

There are several other factors to consider, such as how many other closings are scheduled for that day, whether there are any unexpected roadblocks, such as liens on the home's title, whether the paperwork is in order, and so on.

When all of these steps have been completed, only your lawyer will be able to tell you. Unfortunately, your Realtor will not be able to speed up the process and will have no bearing on when you will receive your keys. However, you can rest assured that everyone will work as quickly as possible to make this a reality for you.

Buyer's Advice On Closing Day

So you've been waiting all day for those keys. You feel as if you've been awake for an entire day and are eager to begin unpacking. But hold on! Here's a checklist to go over before you open a single box on closing day:

Inspecting The Home

  • Is everything in the house still there? Moving day can be chaotic, and sellers may forget to leave the items listed in your purchase and sale agreement. Check to see if these items have been left for you.
  • Make sure to put your inclusions to the test (i.e. fridge, stove, washer, dryer). One of the most common blunders made by buyers is failing to test their appliances.
  • Your contract states that you have "up to and including the day of close" to inspect these items, so if you discover that some of them don't work a few days later, it will be difficult to prove whether they were like this when you received the home or if they broke later.
  • Look around the house for anything out of the ordinary. For example, are there any large holes in the previous sellers' departure walls? Are the floors in good condition? Is the house still the way you saw it on your last walk-through? Are there any items left at the house you'd like the seller to pick up that weren't included in the Purchase and Sale Agreement?
  • Check out these essential things to know before hiring a home inspector if you haven't yet reached your closing date.
  • Take appropriate action if anything is wrong with the house. Please get in touch with your agent right away. Also, call or email your lawyer to show them photographs of any damage or report any missing items.
  • The majority of the time, a missing item is a small item that was misplaced during the move. However, we want to ensure that you are satisfied with your purchase and that everything proceeds as smoothly and predictably as possible.

How Should Sellers Get Ready For Closing ?

  • Fill in the nail holes with filler. Consider filling in holes in the walls caused by pictures, wall clocks, and other items with spackle for your buyers and painting if possible. Remember to sand them to avoid leaving a mess for the buyers.
  • Take out the trash. While this isn't a requirement, it is a nice touch that is greatly appreciated. Can you imagine arriving at your new home to find it strewn with the trash of the previous owners ? That doesn't exactly scream "welcome." Take out all trash and recycling and stack it neatly in the garage for the next collection day.
  • Clean the floors with a vacuum cleaner and a mop. Who knew there was so much dust behind that television ?
  • After all of your belongings have been loaded onto the moving truck, give your old house a once-over with a broom and mop to make it sparkle. This courtesy can help to make the entire transaction go smoothly.

Strategize Your Overlap

If you're selling and buying a home simultaneously, dates will be crucial. Many sellers prefer to have their purchase completed before their sale so that they can gradually transition into their new home before having to leave their current one. This helps them avoid a rushed move. In this case, the bank will have to approve you for a bridge loan so that you can finish your purchase before receiving the proceeds from your sale. This is something a bank may offer you if you have two firm offers on both your purchase and sale, and you'll only pay interest for the time you bridge. If you need to leave your current home before closing on your new one, make sure you have somewhere to stay during the transition. A short-term storage facility can also help alleviate some of the stress.

Contact Us to start a conversation if you're looking for a realtor in Canada who can help you prepare for closing day and make sure everything goes smoothly from start to finish. We're here to make the home-buying process go as smoothly as possible, and it's all for free!

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