Selling a Home > Closing The Sale 

Closing The Sale

Good news - your negotiations were successful! You and the buyer have agreed to a price, as well as the other terms and conditions listed on the Agreement of Purchase and Sale. Is your home "sold" now? Well, not quite yet. There are still a number of things that must be done before title is transferred and any proceeds from the sale are deposited in your bank account. The final steps to completing the home-selling process are known as "closing."The closing date is the point at which ownership and usually possession of the property is transferred from you to the buyer. It takes place after the parties involved agree that all legal and financial obligations have been met. Several people will have a role in this process, including you. Your Realtor and lawyer will do much of the work, but here's a look at the major things to be done, so you'll know what to expect along the way. 

THE ROLE OF YOUR REALTOR 

Makes sure copies of the Agreement of Purchase and Sale are distributed Copies of the Agreement of Purchase and Sale will be sent to the lawyer Making sure that all conditions are

be sent to the lawyer Making sure that all conditions are satisfied and assist where possible Makes sure "waiver(s) are signed and received Draw up "Amendment to Agreement" if necessary to satisfy a condition that needs more time to satisfy Make sure the sale is done to your complete satisfaction 

HOW YOU CAN HELP TO MAKE IT A SUCCESSFUL CLOSE 

Contact you lawyer and make sure he/she is aware that an Agreement has been signed Immediately begin satisfying any conditions of the agreement that require action on your part Notify your lawyer and lending institution if the buyer is intending to assume your mortgage Contact the utilities, telephone company and TV cable company to arrange for removal of service or transfer to your next home Call your insurance agent to arrange the cancellation or transfer of your homeowner's insurance coverage Contact a moving company to arrange your move on or prior to the date the buyer will take possession Send out your change of address notices ad advise the post office. Plan to notify the Ministry of Transportation of your new address right after you close Notify your Realtor immediately if anything changes about your property or your situation.