Things to Remember Before Closing
UtilitiesContact your local utilities providers in advance to advise of the closing date and to arrange for meter readings.
In a condominium, the hydro sub-meter (if there is one) may have to be read by the condominium corporation.
CondominiumsIf you are selling a condominium, please advise the property manager of the date of sale. The Seller should pay the monthly common expenses and any assessments due up to the date of closing. Please ensure that any pre-authorized payments of monthly common expenses are terminated in the month of closing, prior to the closing date.
Property TaxesThe Seller should make all installments or payments of property taxes that are due prior to the closing date. If the Seller pays more than its pro-rata share, the Seller will be compensated by the Buyer through an adjustment at closing
InsuranceThe Seller should arrange to cancel their home insurance at the time of closing. It is advisable to keep the house insured for one business day after the scheduled closing date, just in case the closing date is moved by a day.
Information for Seller's LawyerYour lawyer will ask for some or all of the following information to assist them to close your sale transaction.
- A copy of the current year property tax bill (or the prior year if none has been issued in the current year).
- Confirmation from you (usually verbal) that you have made your tax installment payments due up to the time of closing (or that you are on a pre-authorized payment plan with the City or your mortgage lender makes the payments).
- The name of the mortgage lender, branch information and mortgage loan number. The same applies to any secured Line of Credit. The lawyer will use this information to obtain mortgage discharge statements and pay off the mortgage or LOC at closing.
- If it is a condominium, the contact information for the property manager.
- Is there a hot water tank rental? Who is the provider? Contact your rental company to see if cancellation charges will apply.
- Is there a furnace or heat pump rental? There is likely a special forms that the buyer must sign to complete the assumption of the water heater contract at closing.
- Is the home heated by gas or oil? If oil, the tank should be filled right before closing and a copy of the invoice sent to the lawyer, so that the oil can be adjusted on the Statement of Adjustments.
- Picture ID - usually provided a few days before closing when the clients attend at the lawyer's office to sign closing documents.
- Void cheque - the net sale proceeds will be deposited (after paying the mortgage, commission and legal fees) directly into the Seller's bank account - on the next business day.
- Keys - the Seller must deliver one set of keys to their lawyer's office, so that it can be sent to the Buyer's lawyer on the day of closing. It is recommended that the Seller leaves all other sets of keys on the kitchen counter, along with garage door openers, security codes etc.... If a condominium, one set may have to be left with the concierge.
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