Your negotiations were successful and you have a legally binding agreement. But, is the house truly sold? Not quite yet. It’s time for the vital final steps known as “closing.”
Ghosh and lawyer will do most of the work.
Thank goodness. Closing a deal involves many, many complicated and time-consuming legal maneuvers. Which is why you’ve hired pros?
You still have plenty to do yourself and here’s a comprehensive list.
• Lawyer - Real estate Lawyer
• Utilities - telephone and cable companies about transfer or removal of service
• Insurance - Call your insurance agent and arrange cancellation or transfer of your homeowner’s insurance.
• Moving Company- Arrange Movers.
• Address change Notices.
For more detailed checklist please click here
If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage and any penalties you’ll have to pay to discharge the mortgage.
A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer.
On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs and give you a cheque for the net proceeds.
You should be pleased that all your hard work paid off. We hope these ten steps helped make it easier. You’ve probably already used the proceeds from your sale to purchase your next property. A very wise moves indeed, because as you know, home ownership is one of the best long-term investments you’ll ever make.