What's next for buyers
Your offer is accepted. Here's what happens next.
I've laid out every step from today to the day you get your keys. Tick them off as you go.
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A few quick questions so you only see what applies to you
Is it a condo?
Is your offer conditional on financing?
Is the home on a well or septic system?
This is the busiest stretch. Most conditions only last a few days, so we move quickly here.
What "conditional" means
Your offer depends on a few things being sorted out by a set date, usually the inspection and your financing. Once they are, we sign a waiver and the deal is firm. If anything comes up along the way, your agreement sets out the options, and I'll walk you through each one.
Me: I'm keeping track of every date in your agreement, and I'll check in with you before each one.
Deliver your deposit
You: Get your deposit to the brokerage by the date in your agreement. On the standard Ontario form, "upon acceptance" means within 24 hours, so this is usually the first thing we take care of.
It's usually held in trust by the listing brokerage and goes toward your purchase price on closing.
Me: I'll remind you of the exact deadline and let you know once it's arrived.
If it's a condition
Book your home inspection
You: Book your inspection early, so there's plenty of time to go over the report before your conditions are due.
Me: I'll arrange access with the seller's agent and be there to let the inspector in.
If financing is a condition
Send your mortgage agent the paperwork
Your lender needs the signed agreement and the listing. Tell me who you're working with and I'll send both over. It's best to hold off on new loans, big purchases or a job change until you close, so your financing stays on track.
Me: I'll send your mortgage agent anything else they need from the listing side and keep an eye on your financing date.
Your lender may order an appraisal
You: Nothing, unless your lender asks for something. An appraisal is a normal part of most mortgages.
Me: If an appraiser needs to see the home, I'll set up the visit.
Get home insurance quotes
Your lender needs proof of insurance before closing, so start now.
Me: If your insurer asks about the home, like the age of the roof or furnace, I'll get the answers from the seller's agent.
Hire your real estate lawyer
Your lawyer checks the title, handles the money and registers the home in your name. Send them your agreement now so nothing gets rushed later.
Me: I'll send your lawyer the agreement and any changes we make along the way, so they have everything.
Who I recommend
I can send you the home inspector, mortgage agent, insurance broker and real estate lawyer I trust. Text me and tell me who you need. You're never obligated to use anyone I suggest. Shop around and get a second quote.
Text me for names
The house is yours on closing day. Use the weeks in between to set everything up so moving day is easy.
Get your closing funds ready
Your lawyer will send you a statement of adjustments with the exact amount you need. It covers the rest of your down payment, land transfer tax, legal fees, title insurance if you take it, and adjustments like prepaid property taxes.
First home? You may be able to get up to $4,000 of your land transfer tax back. Your lawyer can usually claim it when the sale is registered. And outside Toronto there's no city land transfer tax, so here you only pay Ontario's.
Me: If anything on the statement doesn't make sense, send it to me and we'll go through it together.
A quick safety tip
Fraudsters sometimes send emails pretending to be a lawyer, with new banking details for your closing money. Before you send anything, call your lawyer at a number you already have and confirm the details. A good lawyer will be glad you checked.
Check for rental equipment
Many homes here have a rented water heater, and sometimes a furnace, air conditioner or water softener. If your agreement lists any, you'll take over those payments after closing. Good to know before the first bill arrives.
Start your utilities on closing day
Set up hydro, water and gas in your name starting the day you close. Who you call depends on the town, so pick yours below.
Me: Not sure who services your address? Text me the address and I'll check.
Where is your new home?
Rural addresses may be on Hydro One, a well or propane instead. If you’re not sure which applies, text me the address and I’ll check.
Forward your mail
Canada Post's Mail Forwarding sends your mail to the new address. Set it up a couple of weeks before you move so nothing goes missing.
Update your address everywhere
By law you have 6 days to update your driver's licence and vehicle permit, and 30 days for your health card. One online form through ServiceOntario updates all three. Here's the list I give every client:
- Driver's licence, vehicle permit and health card (one online form through ServiceOntario)
- Canada Revenue Agency
- Your bank, credit cards and investments
- Your employer or payroll
- Car insurance
- Doctors, dentists and pharmacy
- Schools and daycare
- Subscriptions, deliveries and online shopping accounts
Set up your property taxes
Contact the town to set up your tax bill in your name, unless your lender pays your taxes through your mortgage.
Where is your new home?
Book movers and internet
Movers and internet installs can fill up near the end of the month, so it's worth booking once your deal is firm. Keys usually come in the afternoon, once the lawyers confirm everything is done. Booking movers for later in the day, or the next morning, keeps the day relaxed and means you're not paying a crew to wait.
If your agreement includes one
Your visit before closing
I'll set up the visit so you can check the home's condition and make sure everything included in your agreement is still there.
Most of today happens between the lawyers. Your job is to keep your phone close.
Sign with your lawyer
You'll sign your documents with your lawyer in the days before closing and provide your funds. On closing day the lawyers exchange everything and register the sale.
Get your keys
As soon as your lawyer confirms the deal has closed, I'll get you your keys. This is usually in the afternoon.
A few small things that make a new place feel safe.
Change the locks
You never know how many copies of the old keys are out there.
Learn your home's basics
Find the main water shut-off and the electrical panel before you need them. Test the smoke and carbon monoxide alarms.
Keep your paperwork together
Store your closing documents, inspection report and warranties in one place. You'll want them when you renovate, refinance or sell.
Keep my number
Need a contractor, a plumber or an opinion on a renovation? Text me. That doesn't stop at closing.
Buying new construction, or buying a home with tenants in it? A few of these steps work a little differently. Text me and I'll walk you through it.
Your ticks are saved on this device only. This page is general guidance. Your lawyer and your agreement have the final word on dates and amounts.
Not sure about something? Ask me.
If something on this list doesn’t make sense, or a date is coming up and you’re not sure what to do, text me. If it’s 9pm and something is on your mind, text me anyway.