Congrats!! Next Steps… 

Once you sell your home, we move on to things that we need to do in time for your closing date! You will be asked for paperwork throughout this process from your lawyer and insurance company. We’ve outlined some key paperwork that you will need as a “heads up” in preparation for what comes next.

Mortgage

You now need to finalize your financing in preparation for closing. Your mortgage broker/lender will be asking you for a lot of information that they will need to satisfy their conditions for your mortgage. Some of the items you will need to provide, depending on your scenario, are:

  1. Latest property tax bill, insurance, ownership of other properties or if you have a home you are selling.

  2. Insurance rider for your new home

  3. Government issues ID’s

  4. MLS broker load of the home you have sold

  5. Accepted offer document

  6. Deposit + deposit receipt from the sale

 

Lawyers

If your lawyer has already been confirmed, then we will ensure they receive the documents they need. If you have not chosen a lawyer, then we will work on confirming that and then they will be sent the documents!

Below is a reminder of the items your lawyer/lender may need from you: 

  1. Latest property tax bill - FYI, your lawyer will arrange the transfer of property tax.

  2. Home insurance policy

  3. 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)

  4. Do you have ownership of any other properties? You most likely will need to show documentation for these to your lawyer and/or lender, as well.

  5. Government issued IDs - Typically, two pieces of Canadian photo ID. This is mandatory for title insurance purposes.

  6. Parking permit payment proof (if applicable)

  7. A copy of your deed and survey if you have one

  8. Recent pay stubs - Your lender will want these if you are buying a new home.

  9. Utility bills/account numbers - Buyers like to know the rough costs associated with running your home. Transparency is key to make buyers feel comfortable to bring us an offer. Dave might be asking you for these at some point. Also, you will need to transfer your utilities on closing. Your lawyer won’t do this for you.

  10. Keys - Your lawyer will usually ask that you bring all the keys to their office when signing the documents. Make sure you know where all keys are and have them. 

Insurance

You will need to reach out to your insurer to let them know that you have sold your home and will need to cancel or change your insurance policy. They will help you figure out what the next steps will be especially if you need to insure a new property you will be moving to.