Checklist for Sellers
Visit Your Lawyer: Schedule a visit with your lawyer a few days before closing to sign papers and review the statement of adjustments. Ensure you know their office hours as you may need to adjust your schedule. Review the Contract: At least one week before moving, review the contract to clarify what items should remain in the house and what can be taken.
Clean the Property: Clean your home to a professional standard, ideally after all belongings have been moved out.
Change of Address: Obtain change of address forms from the post office and consider having your mail rerouted to your new home for a small fee.
Provide Documents to Lawyer: Ensure your lawyer has copies of the deed, mortgage, survey, and current property tax bills.
Household Insurance: Maintain your household insurance policy until the deal is closed. Inform your insurer if the home will be vacant for over 30 days before closing to maintain coverage.
Non-Resident Tax Certificate: If you are a non-resident of Canada, obtain a tax certificate from the Canada Revenue Agency to avoid a 25% holdback of the sale price by the buyer. This process can take up to two months, so notify your lawyer promptly.
Utility Meters and Services: Have utility meters read on the day of closing and notify cable and telephone providers to disconnect services. If you have an oil tank, ensure it’s filled before closing and provide a receipt to your lawyer if required.
Cancel Payments: Cancel any pre-authorized or postdated cheques associated with your home to avoid paying for anything after closing.
Checklist for Buyers
Pre-Closing Visit: Schedule a pre-closing visit to inspect the home and ensure it’s in the same condition as when you signed the offer. Confirm this visit was included in the contract; otherwise, it’s at the seller's discretion.
Strata Properties: Notify the property management or strata of your move-in date at least two weeks before possession. For condominiums, arrange for elevator use and pay any required deposits or move-in fees as per the bylaws.
Property Insurance: Contact an insurance broker to obtain property insurance. For strata properties, ensure your coverage aligns with the strata’s insurance.
Mortgage Arrangements: Provide your mortgage broker with all necessary documents well before completion. Instruct your lender to send mortgage documents to your lawyer’s office at least two weeks before closing.
Closing Costs: Ensure you have enough funds to cover closing costs, such as property transfer tax, maintenance fee adjustments, property tax adjustments, and legal fees.
Deliver Funds: Deliver the required funds to your lawyer at least two days before closing, typically via certified cheque, money order, or bank draft. Confirm the preferred method with your lawyer.
Meet Your Lawyer: Meet with your lawyer before completion to review the statement of adjustments and discuss how you will take title to the property (e.g., joint tenants or tenants in common).
Title Insurance: Consider purchasing title insurance to protect against title defects, survey issues, work orders, and fraud. Consult your lawyer for advice.
Utilities and Services: Arrange for cable and telephone services to be installed on the day of possession or shortly after. Contact utility companies to ensure meters are read on closing and to notify them of the ownership change.
Change of Address: Obtain change of address forms from the post office for your new home.
Notify Landlord: If you are renting your current home, provide written notice to your landlord according to the tenancy act and arrange for the return of any deposit money.
Clean the Property: Clean your home to a professional standard, ideally after all belongings have been moved out.
Change of Address: Obtain change of address forms from the post office and consider having your mail rerouted to your new home for a small fee.
Provide Documents to Lawyer: Ensure your lawyer has copies of the deed, mortgage, survey, and current property tax bills.
Household Insurance: Maintain your household insurance policy until the deal is closed. Inform your insurer if the home will be vacant for over 30 days before closing to maintain coverage.
Non-Resident Tax Certificate: If you are a non-resident of Canada, obtain a tax certificate from the Canada Revenue Agency to avoid a 25% holdback of the sale price by the buyer. This process can take up to two months, so notify your lawyer promptly.
Utility Meters and Services: Have utility meters read on the day of closing and notify cable and telephone providers to disconnect services. If you have an oil tank, ensure it’s filled before closing and provide a receipt to your lawyer if required.
Cancel Payments: Cancel any pre-authorized or postdated cheques associated with your home to avoid paying for anything after closing.
Checklist for Buyers
Pre-Closing Visit: Schedule a pre-closing visit to inspect the home and ensure it’s in the same condition as when you signed the offer. Confirm this visit was included in the contract; otherwise, it’s at the seller's discretion.
Strata Properties: Notify the property management or strata of your move-in date at least two weeks before possession. For condominiums, arrange for elevator use and pay any required deposits or move-in fees as per the bylaws.
Property Insurance: Contact an insurance broker to obtain property insurance. For strata properties, ensure your coverage aligns with the strata’s insurance.
Mortgage Arrangements: Provide your mortgage broker with all necessary documents well before completion. Instruct your lender to send mortgage documents to your lawyer’s office at least two weeks before closing.
Closing Costs: Ensure you have enough funds to cover closing costs, such as property transfer tax, maintenance fee adjustments, property tax adjustments, and legal fees.
Deliver Funds: Deliver the required funds to your lawyer at least two days before closing, typically via certified cheque, money order, or bank draft. Confirm the preferred method with your lawyer.
Meet Your Lawyer: Meet with your lawyer before completion to review the statement of adjustments and discuss how you will take title to the property (e.g., joint tenants or tenants in common).
Title Insurance: Consider purchasing title insurance to protect against title defects, survey issues, work orders, and fraud. Consult your lawyer for advice.
Utilities and Services: Arrange for cable and telephone services to be installed on the day of possession or shortly after. Contact utility companies to ensure meters are read on closing and to notify them of the ownership change.
Change of Address: Obtain change of address forms from the post office for your new home.
Notify Landlord: If you are renting your current home, provide written notice to your landlord according to the tenancy act and arrange for the return of any deposit money.