Closing day is the day when you finally achieve your goal - you take legal possession and finally get to call your new house your own. You are sure to feel great relief and satisfaction but remember that the homebuying process isn't over just yet. There are quite a few things that need to be done on closing day:
Your lender will provide the mortgage money to your lawyer/notary.
You must provide the balance of the purchase price to your lawyer/notary along with the closing costs.
Your lawyer/notary pays the vendor, registers the home in your name, provides you with a deed and the keys to your new home.
Hiring a Mover
It is now time to hire a mover. Friends or relatives may be able to recommend a professional moving company but don't forget to ask the mover for references. You will also want an estimate and outline of fees (flat rate or hourly charge, etc.). Once you've selected a mover, it is a good idea to have the representative come to your home to see what will be moved and revise the estimate if necessary.
During the move, you'll want to ensure that your belongings are insured. Your home or property insurance may cover goods in transit but call your broker or insurance company to be safe and to ask about the extent of coverage. Many moving companies offer additional insurance coverage. Be aware that professional movers are not responsible for items such as jewelry, currency or important papers. You will have to move these yourself.
If you decide to do your own packing, keep in mind that you will need the proper materials and that it could take up a lot of time.
The Big Day
On moving day, go through the house with the van supervisor and provide any special instructions. The supervisor will also make note of the condition of your goods on an inventory list. Go through the house with the supervisor to make sure the list is complete and accurate. Then, when the van arrives at your new home, mark off the items on the mover's list as they are unloaded. Remember that even if the movers unload and unpack boxes and remove packing materials, they will not put dishes or linens into cupboards.
Saying goodbye to one home and neighbourhood and discovering a new one can be very exciting. Just make sure it is not hectic as well. Plan ahead to make the transition as smooth as possible for everyone involved. That way, you can breathe easy and enjoy your new home without having to worry so much.
Closing costs: Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on closing day. They range from 1.5% to 4% of a home's selling price.
Deed: A legal document that is signed by both vendor and purchaser, transferring ownership. This document is registered as evidence of ownership.
High-ratio mortgage: A mortgage loan higher than 75% of the lending value of the property. This type of mortgage may have to be insured - by CMHC, for example - against payment default.
