Congratulations on securing your next dream house!

Once you have your offer is firm, it is time to celebrate! Pop the Champaign.

We will forward all the required paperwork to your lawyer and mortgage broker so they can start /  finalize their processes.

In between the time your offer is firm and your closing date, you will have the opportunity to visit the house a few more times. This is a great time to measure the rooms, start planning your future renovations or furniture arrangements.

It is now also time to start:

  1. Booking your movers.
  2. Enrol with a new doctor and/or schools if required.
  3. Contacting the utilities companies to arrange for utility transfer.
  4. Plan for a lock smith to change the locks upon your move in.

You legally take possession of your new home on closing day. The final signings usually take place at your lawyer or notary’s office.

To complete the process, your lender gives your lawyer the mortgage money. You then give your lawyer the down payment (minus the deposit) and the closing costs (usually 1.5% to 4% of the purchase price).

Your lawyer or notary then:

  • pays the seller
  • registers the home in your name
  • gives you the deed and keys to your new home

Your home is likely your biggest investment. You should plan for the responsibilities of homeownership even before you move.

Consider the following tips for new homeowners:

  • Make your mortgage payments on time.
    Late or missed payments can lead to extra charges and affect your credit rating.
  • Anticipate the costs of operating a home.
    Extra expenses may include repair and maintenance costs, snow removal and alarm monitoring.
  • Live within your budget.
    Check every few months to see if you’re spending more than you earn. If you are, find new ways to save more or spend less.
  • Save for emergencies.
    Set aside 5% of your income as an emergency fund to be ready for unexpected expenses.
  • Protect your home and family.
    Prepare an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly.