What's Next after You Find Your Property?

After you go out and find a fantastic property in a great location what’s next?

Well I am glad you asked.

Although finding your next home is the most important and exciting part of the home buying process, making sure you take all the right steps to close the deal will save you a lot of time and headache.

We have put together a checklist so you can make sure that you are doing everything you need to do from the time you get your house under contract to the day it closes. So do yourself a HUGE favor and print off this document and go over it on a regular basis to make sure you are taking care of business.

Before Waiving Conditions
Submit your offer to purchase to your mortgage broker (very likely we can submit this for you)
Make sure you attend the home inspection and go through the property with the inspector to get a good understanding of the deficiencies (you may decide to not move forward with the purchase if some major problems are found)
Negotiate necessary abatements for and unexpected deficiencies
Verify expense information on the house – Property Taxes, Utility Bills, Water Heater Rental Agreement, etc.
Create scope of work for the renovations you would like to perform (by yourself or with a contractor)
Walk through the property with your contractor and show him/her the work you would like to perform (always ask them for their suggestions to possible renovations…lots of times they know the best and most economical way to renovate)
Appriasal - your broker will do this. Just make sure he/she has set it all up - if the property is on the market the agents will take care of setting this up.

After Waiving Conditions 
Contact your Mortgage Broker to ensure you have submitted all necessary information - In situations where you are using your RRSP’s or using borrowed funds for your down payment this is extremely important to do!Call your insurance provider for a new policy on the property
Fill out all necessary paperwork to obtain the correct insurance for the property - make sure you fill everything out honestly and correctly. Making mistakes and or being dishonest can be cause for a future claim being denied.
Ensure utility bills are put into your name on date of closing. Lawyers sometimes handle this portion, but it is always good to call in to each provider to double check.
 Hydro provider 
 Enbridge Gas @ 1-877-362-7434
 Rogers or Bell cable/mobility
Book a final walk through inspection the day of closing. During the inspection check to see if property is left in the same condition as when you last inspected it. If there are any deficiencies then notify your lawyer and don’t close until you get a remedy.
 Call all credit card companies
 Call Daycare(s)
 Call Life-Health Insurance
 Change Employer Information
 Call Vehicle lease/finance company
 Change Health Card @ Ontario.ca under "Service Ontario"
 Call Gym / Recreation
 Call Vet
 Any other licenses (i.e. Hunting, etc...), can be done online Fill out a change of Address card online @ www.canadapost.ca, Then go to "Personal, and then "Tools" (There is a fee for this service)

Typically done one week prior to closing:

 Meet with Bank to get certified funds for the closing of the property, your Lawyer will contact you before closing and inform the amount you will need to have ready. 
 Meet with Lawyer to sign the closing documentation and give them the certified funds to close on the property. Bring two valid pieces of ID and any other required documents

After the Property has Closed 
Verify that you have all necessary keys and that they work on the locks.
Try out everything in your home including any appliances or chattels that are included in the agreement. Make sure everything is in good working order and nothing was substituted. It is imperitive to notify your lawyer and agent immediatly if you see a problem in order to get it corrected!!!
Receive full package of all documentation from lawyer.


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