The day you complete the sale and take possession of your new home is most exciting. To make it go as smoothly as possible, there are a number of things you should do in the weeks before the big day. In addition to securing your mortgage and providing necessary documents to your lawyer, make sure you satisfy any requirements and conditions in the Agreement of Purchase and Sale.
Other key steps:
1. If you rent, cancel your lease or sublet your premises.
2. Arrange for insurance to take effect on closing and forward the necessary documents to your lawyer. You’ll likely want to insure the value of the building on a replacement-cost basis.
3. Either your builder or your lawyer will advise utilities(water, gas and hydro) of your date of possession, but you’ll have to call to start service.
4. Of course, there’s packing and moving. Best to arrange for the mover as early as possible and leave lots of time to pack. If there’s anything you’ll need right away, such as a crib, load it last so that it will come out first.
5. Don’t forget to change your address - not just with friends but on subscriptions, driver’s licenses and ownerships, health insurance and credit cards.
Pre-Deliver Inspection
When your new house or condo is substantially complete, your builder will give you an opportunity to become familiar with it and check for defective, damaged or missiing items. Do this inspection before you move in.
This is also when you’ll learn about the operation and maintenance of your home’s mechanical systems. Reviewing how to operate all of the new home’s sophisticated systems will not only allow you to fully enjoy them but will help ensure you understand yo9ur warranties.
This is not the time to show off your new home to family or friends-in fact, your builder may have a policy against bringing others along. This is a time to pay close attention to detail. You’ll be looking around inside and outside. It’s still a construction site, so dress appropriately (hart had and work boots).
Before the inspection, refresh your memory about any special features, colour selections or changes you’ve made so you can ensure that extras and upgrades have been approprately installed. There’s a handy home inspection checklist on that you can download here at Xpress Property Xchange (XPX.ca)
In general, you’ll go through every room in the home and around the exterior. You’ll want to inspect closely the surfaces of counters, floors, fixtures and walls. If any defects are found later, it will be difficult to determine whether they existed before you moved in.
At the end of your inspection, you’ll be asked to sign the Certificate of Completion and Possession and you’ll receive a copy of the Tarion Homeowner Information Package, which explains the comprehensive warranty provided by your builder and guaranteed by Tarion Warranty Corp. It also details the process to report any other items once you have moved in. Tarion also insures deposits, protects against delayed closings without proper notice and handles other such matters.
The Big Day
The day they hand you the keys is also the day you hand your lawyer the balance of the purchase price and the day the bank turns over the mortgage money. It will be hectic, but try to enjoy this milestone! Owning your own home is the dream of most Canadians, Congratulations!
