Step by Step
Congratulations! You have bought a house!
Your offer has been accepted, the conditions have been removed, and now you are waiting to take possession! This is a very exciting time in any home buyer’s journey. Whether you are a first time home buyer or a seasoned home buyer, there is still lots to think about over the days, weeks and months until you take possession. This can be overwhelming, and as REALTORS®, we understand that. We are still here for you, to help you with the details and to answer any questions you have along the way.
Once your conditions have been removed on your dream home, have your REALTOR® send your Offer to Purchase and all other pertinent documents to your lawyer. You will need to meet with your lawyer to sign all of the legal paperwork in order to take possession. The lawyer will look after the land transfer tax and property taxes and will notify you of your outstanding balance prior to meeting with you (most lawyers prefer a bank draft).
You will also need to be in touch with your bank to set up a time to sign the mortgage documents. They will then pass everything along to your lawyer.
You will need home insurance. This is really important to have set up as most financial institutions will not fund your mortgage without it. You need to be protected. Ensure that your insurance is effective the day of your possession. The insurance broker that you choose will have a lot of questions regarding your home that they will need answered to get you the best insurance both for you and for your home. Some of the questions will be regarding the plumbing, electrical, age of the roof, furnace, a/c etc. Your REALTOR® will help you to collect all of this information. If you have had a home inspection, a lot of the information is typically included there. It is wise to get the insurance process started as soon as all conditions have been removed. Do not wait until the last minute!
But wait!! You are still not done! I know… I see your overwhelmed, blank look. Now… Aren’t you glad you have an excellent REALTOR® who is there to answer all your questions and to ensure that you have everything done?! Yah… Me too!!! 🙂
If you have school aged children, you can now take your accepted Offer to the school in your area and have your little ones registered.
The week before possession, make sure to call Hydro and the City or RM to set up an account for Hydro, Electricity and Water / Waste. Sit tight with this one for a minute… we will come back to it.
Make sure you change your address…. With Everybody! Your bank, your dentist, your doctor, your employer, your driver’s license… EVERYBODY! Think you missed somebody? Not a problem, make sure you have your mail forwarded through Canada Post to ensure you don’t miss a thing.
There is more…. hang in there… we are almost done!
You will likely want internet, satellite, or cable at your new home. Call now to get that all set up. If your cable company requires an appointment to set it up, make it now. That way there is no need to wait past possession date to have this all set up.
Now… YOU MADE IT!!! This is possession day!
You have your keys… you have your time of possession… you have a house!
First things first though on possession day. Hydro, Electricity, and Water (remember, we said we would come back to this, here is is!). When you walk into your new home, make sure that the first thing you do is read your meters and call them in. Remember the accounts that you already have set up? Yep! It will only take a couple of minutes to call in your first read. Do it now before you forget. I know, you are SOOO excited to start moving your boxes and furniture in… But, stick with me… we are almost there. Make sure you check to ensure that your A/C works, AND your furnace. I know it can sound odd turning your heat on in the summer or your A/C on in the winter, but you need to make sure it works. Worst would be to turn it on in the appropriate season and find that you have no heat or are melting in the summer with no A/C. If appliances have come with your home, ensure that they all work well. Check your fridge, run a cycle through your dishwasher (this would be a good time to add in dishwasher cleaner). Turn on all the elements on your stove and your oven on. Run a load of laundry through your washer and dryer (a couple of towels work great). Everything is working? AWESOME!! WELCOME HOME! Start bringing in your belongings. You are officially home!
Always remember, your REALTOR® is here to help make this transition easy for you. We are here for you. Welcome Home!
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