Welcome to our First-Time Homebuyer Blog Series. We’ve compiled answers to frequently asked homebuyer questions to help you understand the many variables associated with buying your first home. It’s our job to make this process as enjoyable and stress-free as possible for you!
our very first home closing day is one of the most stand-out days of your life. It’s a milestone celebration that means your hard work has paid off. You’ll finally transition from paying rent to putting money towards building equity in your own place.
till, the build up to closing day can prove quite stressful if you’re not prepared. Here are five key things to check off your list leading up to your closing date:
Know your costs. Determine how much money you’ll need to cover closing costs, as this number can vary quite a bit. Aside from the amount referenced in your purchase agreement, you’ll also have to budget for such things as land transfer tax, legal fees and disbursements, and closing date adjustments. Have this discussion with your lawyer well in advance of your closing date to ensure that you have sufficient funds available. If you’re using your RRSP to complete the purchase, begin the process as soon as possible to ensure the funds are available in time. Check in with your lawyer for a statement of adjustments. This could add to your closing costs if the seller has prepaid any expenses, particularly property taxes.
Schedule your pre-closing inspection. This should be slotted to occur a week or two before your closing date. This enables you to conduct a final inspection prior to closing to confirm the home is in the same condition it was when you signed your offer.
Arrange your moving time. If you plan to move into your new home on the day of closing, be sure to arrange a time later in the afternoon. That way, you’ll be sure the previous owners have vacated the premises and you’re not waiting on them to leave so you can make your move.
Contact the utility companies. You want to ensure they record readings on your closing date so that you’re only responsible for charges incurred after you move into your new home.
Makes plans to deliver the balance of money owing. Confirm with your lawyer prior to closing when you’ll need to deliver the balance of money needed (by certified cheque, money order or bank draft) to close the deal.
Looking for more ways to prepare for your first closing? Answers are just a call or email away. (Direct) 289.270.1719 (Email) firstname.lastname@example.org