You’re Close to Home
The day you complete the sale and take possession of your new home is the most exciting of all. But in the weeks prior to closing there are many things you will need to attend to.
Before the Closing Day
In addition to securing your mortgage and providing all the necessary documents to your lawyer, make sure that you satisfy any requirements in the Agreement of Purchase and Sale, such as having a home inspection if you’ve made that a condition. If you currently rent, you’ll have to cancel your lease or sublet your premises. You may be subject to prior written notice or other restrictions, so this is a matter to attend to early.
Arrange for insurance to take effect on closing and forward the necessary documents to your lawyer. You’ll likely want to fully insure the value of the building on a replacement cost basis. You’ll have to set up accounts with various utilities (water, gas, electricity) and have them read the meters on closing. Your lawyer normally takes care of these steps, but you will have to contact the telephone, cable TV and newspapers for service. Naturally, you will have to pack and move. Arrange for the mover as early as possible and leave lots of time for packing. You might also check your insurance policy to make sure it covers your valuables while being moved. Many moving companies offer additional coverage. If there’s anything you are going to need right away, such as a crib, have it packed last so it will come out first.
Don’t forget to change your address – not just with friends but for all your subscriptions, your driver’s licence and car ownership, your health insurer, and your credit card companies.Next: The pre-delivery inspection (PDI) and the Certificate of Completion & Possession