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You’ve signed the Agreement of Purchase and Sale. What’s next?

• Deliver the signed Agreement to your lawyer or notary as soon as possible. If you don’t have a lawyer or notary, choose one now. Carefully review all fees and disbursements, land transfer tax (charged in some provinces), mortgage deductions, adjustments and other closing costs with your lawyer or notary.
• Fulfill all outstanding conditions in your offer, such as home inspection or financing. Ensure that you keep the offer valid.
• Send your approved mortgage applications to your lawyer.
• If you are a first-time home buyer and you plan to use funds from your RRSP as part of the downpayment, the funds must have been contributed at least 90 days prior to withdrawal.
• If you are a tenant, notify your landlord about your plans to cancel your lease or sublet.
• Ask your insurance agent to draw up a “binder letter” before closing, showing the name of the insuring company, the amount of coverage, its expiration date, and the name of any lenders in the loss payable clause. Coverage should be for the full insurable value of the building only (not the land) on a replacement cost basis.
• It’s your lawyer’s job to contact the water, hydro and gas departments to have the meters read on closing and new accounts set up in your name with final bills sent to the Vendor. A few days prior to closing, we recommend that you verify this has been done. It’s up to you to contact the telephone and cable tv companies.
• Arrange for your move as early as possible. If you are doing the packing yourself, get more boxes than you think you’ll need, and plan for extra time.
• Arrange to review, and sign all closing documents with your lawyer a few days before closing. At that time, you should also deliver the necessary funds for closing. The funds should be certified and made payable to your lawyer/notary in trust. Be sure to get information about any payments due shortly after closing such as mortgage payments, property taxes and condominium maintenance fees.
• Obtain change of address forms from the post office. For a small charge, you can also arrange for your mail to be rerouted to your new home.