Get ready for closing day!
by Agent Kate Broddick – Real Estate Sales Representative
The day has finally arrived – it’s Closing Day! You’ve likely waited 30-90 days for this big purchase to finally be yours and although there is nothing you’d rather do than grab your keys, run inside and start unpacking, there is a definite list of things you need to prepare for PRIOR to dropping your items and basking in the biggest purchase of your life.
One of the biggest questions we get on the day of close is “When do we get our keys?!” This truthfully cannot be answered by your REALTOR. It can’t even be answered by your lawyer or your bank. There are a series of steps that need to be completed before the lawyers can release your keys.
1. The banks need to transfer funds to the lawyers trust account. If you’ve SOLD first, the bank needs to wait for the BUYERS of your OLD home to transfer funds so that the bank can transfer THESE funds to purchase your NEW home. This all depends on how many closings the banks have that day and how fast everyone can get this sorted.
2. Once the bank transfers the funds, the lawyer needs to make a trip to the bank to get this money to pay the SELLER of your NEW HOME. This requires them making the time to get there and getting a certified cheque in the amount owing for either your down payment along with any left over to be given back to you.
3. Once the monies have been exchanged, the lawyer will need to register your name on title. Once again, this means co-ordinating with the registry office and ensuring the title is clear and your name is added with the appropriate mortgage amount (if any).
So to give an EXACT time is almost impossible. The goal is to have all of this completed by 4-5pm which is essentially the end of day. There are many variables that also need to be considered (ie. how many other closings are happening this day, no unexpected road blocks such as liens on title of the home, paperwork is in order etc.)
Bottom line – PLAN ACCORDINGLY! Do not book your movers at 10am to expect to get your keys for noon. This will be a HUGE disappointment and most likely will cost you hundreds of dollars for people to stand around and wait.
Inspection of the Home
So you’ve waited ALL DAY for those keys and you finally get them at 4:30pm. You feel like you’ve lost an entire day and want to start unpacking. STOP. That is NOT what you are supposed to do. Before you even open 1 box here is a list of things to check:
1. Are all the INCLUSIONS still in the house? Sometimes moving day can be chaotic and Sellers “forget” to leave the items included in your agreement of purchase and sale. Make sure you have a copy of your Agreement of Purchase and Sale on your smart phone (or a hard copy in your car) so you can triple check.
2. Make sure to TEST your inclusions (ie. fridge, stove, washer, dryer). One of the most common mistakes buyers make is they don’t test their appliances! I mean, who cooks on the day of close? I suggest you throw a load of laundry in (there are always dirty towels and blankets you use to wrap your items) and make sure the washer & dryer work. Turn on your OVEN and put on your BURNERS to make sure they get hot. Grab a glass and ensure your ice maker works in your fridge. Your contract states UP TO AND INCLUDING THE DAY OF CLOSE and so if you find out a few days later that some of these items don’t work, it will be hard to prove whether it was like that when you received the home OR if it broke afterwards – MURPHY’S LAW!
3. Check the house for anything thats not “normal wear and tear”. Are there big holes in the walls from the old Sellers moving? Are the floors in tact? Is the home how you viewed it on your last walk-thru? Are there items left at the house that WEREN’T included in the Agreement of Purchase and Sale and you’d like the Seller to pick them up?
If anything is wrong with the house, take appropriate action. Contact your REALTOR IMMEDIATELY! Also contact your lawyer via phone AND email to show them pictures of any damage or report missing items. Most of the time it’s small items that got lost in translation during a very busy day. But we want to make sure you’re HAPPY with your purchase and that things go as smoothly as possible.