Closing day, also referred to as possession day, is the day when homebuyers officially take legal possession of their new property. It's the culmination of months of anticipation, excitement, and maybe a few sleepless nights. On this day, the keys to your new home are handed over and you can finally move in and start making it your own.
To ensure a stress-free possession day, there are a few things you need to do to prepare for the big day.
Secure a Lawyer
It’s better to secure a lawyer sooner rather than later so they can review your documents, make sure everything is in order, and oversee the transfer of funds from your mortgage lender to the seller on closing day. They will also handle the registration of the property in your name. Landmark Homes covers your legal fees when you use a mortgage specialist from our preferred lender list, saving you up to $2500.
Arrange Utilities
A few weeks before possession, arrange for the transfer of utilities to your name, including electricity, gas, water, and internet. Contact your utility companies and provide them with your new address and your possession date.
Notify Canada Post
Don't forget to notify Canada Post of your change of address. You can do this online and can choose to opt into their mail forwarding service. Once you have moved in, you can call or go online to request the keys to your community mailbox. This is also the perfect time to create a list of all the places you'll need to inform about your address change, such as your driver’s license, healthcare provider, government agencies, and educational institutions.
Coordinate Moving Company
Book your moving company as soon as possible to ensure availability on your preferred moving date. Ask for a quote and compare prices from different companies to find the best option for your budget.
Obtain Insurance
It’s important to protect your investment and obtain property and title insurance. Your mortgage specialist will require your property insurance information prior to closing so take the time to do your research on the best rates and coverage suited for your family.
Prepare Finances
Most of our homebuyers include a design studio allowance in their contract for upgrades when purchasing a new home. If you exceed this allowance and don't add the extra costs to your mortgage, you'll need to pay for the upgrades with cash at closing.
With some planning and organization, you’ll have a smooth transition to your new home. But there’s one more thing to add to the list - champagne! Remember to take the time to celebrate this new chapter in your lives. Cheers!