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Moving Time and Keys on
Closing
Before
keys can be released by the lawyer to the purchaser on the date of
closing, the mortgage lender must provide closing funds, closing cheques
must be certified, documents must be exchanged between the lawyers for
the buyer and seller, and the land registry office registrations must be
completed. By the time all of those things happen on the closing date
(so that the key can be released to the purchaser), it will usually be
late in the afternoon and often be about 5 p.m. on the date of closing.
Therefore, if you are moving on the closing date or arranging for work
to be done on your purchased residence, we suggest that you consider
arranging your movers to arrive at the property late in the afternoon on
the closing date in order to avoid unnecessary moving costs if you are
paying movers on an hourly basis.
Fire and Contents
Insurance
Purchases
of residences cannot be completed without proof of fire & contents
insurance being provided to the purchaser's lawyer prior to closing the
purchase. Make sure your insurance agent faxes to the lawyer your
insurance information prior to closing.
Closing Cheques and
Appointment in the Law Office Prior to Closing
About 2
days prior to closing you will be contacted for an appointment to sign
the closing documents at the law office and, at the time of making the
appointment, you will typically be advised about any cheques required
for closing.
Closing Adjustments to
the Purchase Price
The
certified cheque you will be asked to bring for closing will include any
closing adjustments to the purchase price. The Agreement of Purchase and
Sale states that the balance of the purchase price on the closing date
will be paid by certified cheque subject to the usual adjustments. On a
resale home, adjustments include items already prepaid beyond the
closing date by the seller that benefit the purchaser after the closing
date, and a credit is given to the seller as an adjustment on closing.
Some examples of closing adjustments on a resale home are for prepaid
realty taxes, and pre-paid utilities.
Mortgage Financing
It is your
responsibility to arrange any mortgage financing which you might require
to complete the purchase. Once you arrange the mortgage, it will be your
responsibility to:
1.
satisfy any special requirements by the
lender (e.g. - proof of income, proof of cash down payments, payment of
other debt obligations, if required by the mortgage lender, etc.) in
order to avoid financing problems on closing day;
2. Please
confirm with the mortgage lender that mortgage instructions have been
sent to the lawyers office to finalize processing your mortgage
financing for closing.
Title Insurance
It is
recommended to purchase a title insurance policy which will provide
title protection against title defects, survey issues, liens, work
orders, frauds, forgery, etc. The title policy ordered will be sent to
you after closing the purchase and such policy will exist for your
entire period of ownership of your residence, no matter how many years
you own the property.
If Your Purchase is from
a BUILDER
If you
have bought a newly constructed residence, you should attend at the
property prior to closing to inspect and prepare a list of matters
requiring the attention of the builder. The inspection appointment time
must be arranged by you with the builder's representative. At that time,
you will complete the Certificate of Completion and Possession for
delivery by the builder to the TARION Warranty Program
Utilities and Cable T.V.
and Moving Checklist
You must notify (prior to closing) all applicable departments concerned
to confirm arrangements for the transfer of all utilities. Click here
for a detailed
Moving To-Do-List. |
