Accepted Offer & Pre-Closing Steps (For Buyers)
Steps to Take After Your Offer is Accepted, and Leading Up to Closing Date (for Buyers)
Once your offer has been accepted, the time leading up to closing is essential to ensuring a seamless and successful transition into your new property. To help you stay on track and avoid any last-minute surprises, here’s a step-by-step guide to prepare for the big day.
1. Pay Your Deposit
If applicable, ensure your deposit is paid to the listing brokerage within 24 hours of an accepted offer.
2. Fulfill Any Conditions
If your agreement has conditions, be sure to fulfill them before the condition deadline. If you need assistance, let us know.
Stop here: If your offer has conditions, wait until they are all fulfilled and the offer is firm before proceeding to the next steps.
3. Send Documents to Your Lawyer and Lender
Provide your lawyer and lender with all required documents, including the Agreement of Purchase and Sale, waivers, and fulfillment documents. Maintain regular communication with them to ensure a smooth process. If you need a lawyer recommendation, click here to view our trusted professionals.
4. Arrange Property Insurance
Contact insurance providers early to obtain quotes and set up coverage starting on the closing date. Most lenders require proof of insurance before closing, so be sure to forward your policy details to your lawyer well in advance.
5. Set Up Utilities
Call utility providers (gas, hydro, water, property tax, internet, etc.) to transfer or set up service in your name as of the closing date. Contacting them ahead of time helps avoid delays or interruptions.
6. Plan Your Move
Schedule movers or make moving arrangements. If you are moving into a condo, notify the property manager and book the elevator if necessary. It is recommended to schedule your move for the day after closing in case of any unexpected delays.
7. Schedule a Final Walkthrough (If Applicable)
If a final walkthrough is included in your agreement, schedule it a few days before closing. Let us know as soon as possible so we can arrange it for you.
8. Change of Address and Mail Forwarding
Update your address with necessary services such as your bank, employer, subscriptions, and government agencies. Consider setting up mail forwarding through Canada Post to catch any missed updates. Follow our helpful Moving/Closing Checklist and Change of Address Checklists to keep you on track with this process.
9. Review Legal Documents and Prepare Closing Funds
Your lawyer will provide details on any documents you need to review and sign before closing. They will also confirm the exact amount required for closing costs, which must be provided in the form of a certified cheque or bank draft.
10. Stay in Contact and Ask Questions
Keep in touch with your lawyer and lender to ensure everything is on track.
For additional recommendations on service providers such as lawyers, mortgage brokers, inspectors, movers, and more, please visit Our Trusted Contacts. If you have any questions or need further assistance, don’t hesitate to reach out. I’m here to help you through every step.