Closing Logistics
Have you thought about a closing date? Have a look down the road at your work schedule(s), conferences, family events, vacations, etc. Start to think about when an ideal closing date would be so that you have your ideal “move date” in mind when the time comes to accept an offer (and don’t schedule it when you need to be in two places at once! :). Lawyers also don’t love it when you take a vacation the week or two before closing as this is when they’ll be working on your file and may need you to get back to them in a timely fashion with important info. Scheduling the time you will be away well in advance of closing on your home is beneficial.
We recommend closing on a Thursday whenever possible so that you have Friday to move and the weekend to unpack. Also, if any issues arise on closing day, there is still one more business day to solve them. (Lawyers and land registry are not open on the weekend).
Lawyers
We will be sending your lawyer the appropriate paperwork that they will need for your closing. Please find a list of things you need to do before or documents that you will need to bring when meeting with your lawyer to close on your property:
Two pieces of Canadian photo ID. This is mandatory for title insurance purposes.
Void cheque for lawyer to deposit proceeds
Name, address and account number of any mortgage or line of credit registered against the property. (e.g. furnace, A/C unit -proof of payment or direction to lawyer to pay off from proceeds)
New address and contact information for the lawyer
Parking permit payment proof (if applicable)
Everything in good working order/broom swept condition of home
Property taxes and proof of payment/condo fees, etc.
Any and all conditions from APS fulfilled, if applicable notices forwarded to lawyer
Keys to lawyers or keys left in agent lockbox - to be confirmed with lawyer.
Be sure to get a copy of the notice of fulfilment or waivers to your banker or broker. Your lawyer typically will help you with that.
Bring a copy of your deed and survey if you have one
Here are some key 'pet peeves' from lawyers that cause them issue prior to closing. Take these to heart as they could cause you more stress than needed as we near closing
Clients who decide to take a vacation just before the closing date.
Closing dates get changed and we don’t know about this until it is almost too late.
Sellers (for example) get a new furnace installed and get it financed by the furnace people. They don’t know that in such a case, the furnace people register a lien on the property that we must get removed—by paying out the furnace contract in full. This usually freaks out the seller since now they will not have enough money to complete their sale.
Remaining purchase funds are delivered to the lawyer via certified cheque
On the day of closing be prepared to not close on the property until late in the day. Lawyers will try to get deals closed as early as possible but there can be delays on closing and reasonable expectations must be held as to when to show up to a house with movers. The selling side, despite having closed the deal, may have had delays with movers etc.
Speaking of lawyers,
It is a good idea to start thinking about who you would like to use so that we can get things moving after you buy! If you do not have anyone in mind, we have contacts that we can provide you with so that you can have a conversation and get a feel for who they are and what they have to offer.
Movers
It is never too early to start planning who you will be using to move. If you would like a recommendation, please let us know and we will be able to provide you with contact information.
Moving companies tend to run late by the end of the day. If you are moving on closing day, we recommend booking your movers for first thing in the morning, or for the day before closing.
Keys
On the day of closing please ensure that one set of keys is left in the lockbox. Any other keys can be left in the house just let your lawyer know where they are located.