Close the purchase

Your offer has been accepted and you can't wait to move in. But don't break out the bubbly just yet. You have to close the deal. Your REALTOR® and lawyer will do most of the closing work, but here's your checklist.

Immediately begin satisfying any conditions of the agreement that require action on your part. Your REALTOR® can fill out the documents stating that the conditions have been satisfied.Have your lawyer begin searching title to the property. This can take a while, so make sure you allow ample time

Well before closing, get your homeowner's insurance to be effective on your closing date. Your insurance broker will give you a 'binder' letter certifying that you're covered.

You can't get a mortgage without this letter! 

Contact your lender and have them finalize your mortgage documents.

Have your lawyer review them before you sign.

Your lawyer will transfer essential utilities like hydro and water, but you'll have to make sure telephone and cable companies switch their services to your name.

(your realtor can also help you with names of utility providers & numbers)

If you rent, give notice to your landlord or sublease your apartment.

Begin planning your big move!

Where are those cardboard boxes?

(ask your Realtor they may have a contact for boxes)

Send out your change of address information and fill out a card at the post office.  (do this in advance if you can)

Contact the Ministry of Transport about changing your driver's licenses. 

* new address 

Walk through your new home one more time with your REALTOR®.

* ensure this is writen into the purchase contract 

A day or two before closing, you'll meet with your lawyer to sign the closing documents.

Your lawyer will tell you in advance what certified cheques you'll need to seal the deal.

Get a Mortgage Pre-Approval

It’s a very good idea to get a pre-approved mortgage before you start shopping. Many realtors will ask if you’ve been approved. A lender will look at your finances and figure the amount of mortgage you can afford. Then the lender will give you a written confirmation, or certificate, for a fixed interest rate. This confirmation will be good for a specific period of time. A pre-approved mortgage is not a guarantee of being approved for the mortgage loan.

Even if you haven’t found the home you want to buy, having a pre-approved mortgage amount will help keep a good price range in mind.

Bring these with you the first time you meet with a lender:

• Your personal information, including identification such as your driver's license
• Details on your job, including confirmation of salary in the form of a letter from your employer
• All your sources of income
• Information and details on all bank accounts, loans and other debts
• Proof of financial assets
• Source and amount of down payment and deposit
• Proof of source of funds to cover the closing costs (these are usually between 1.5% and 4% of the purchase price)