How To Buy Your First Home - Step 8: Close the Deal and Move In

In case you missed the previous steps in my How To Buy Your First Home series: 

Step 1: Get Your Finances In Order
Step 2: Get A Mortgage Pre-Approval
Step 3: Calculate The Cost of Buying Your New Home
Step 4: Gather The Funds Needed to Buy Your New Home
Step 5: Pick Your Side Kick
Step 6: Let the House Hunting Begin
Step 7: Make an Offer

Read on, and if you have any questions, let’s grab a coffee (or iced tea if you’re like me and don’t drink coffee) and we can gab about the process of buying your first home. 

Close the deal and move in Toronto Real Estate How To Buy Your First Home Buying Your First Home First Time Home Buyer

Step 8: Close the Deal and Move In

Once the sellers have accepted your offer, here are the things to do prior to your closing date (aka the day you get the keys to your new home).

  • Do your happy dance!!! But really, you've worked hard for this so dance away! And have some champagne. It's a must!
     
  • Immediately begin satisfying any conditions of the agreement that require action on your part, likely financing and home inspection. Once the conditions have been met I will fill out the documents stating that the conditions have been satisfied and you will need to sign them. Once all the conditions in your offer have been fulfilled, the property will be “sold firm” instead of “sold conditional.”
     
  • I will send all the necessary paper work to your mortgage professional and lawyer so that they can start processing the home purchase on their end. You should reach out to both your mortgage professional and lawyer to make sure that they have all the necessary information and that everything is on track for the closing date.
     
  • A week or so prior to your closing date you will meet with your lawyer to discuss the paper work he/she will need you to sign and the amount you will need to provide for your down payment, fees, and disbursements by the closing date.
     
  • If you are currently renting, you will need to give notice to your landlord. Typically they require 60 days notice.
     
  • Contact your insurance provider or bank to set up home owner’s insurance
     
  • Pack and arrange movers if you don’t want to do the heavy lifting yourself. If you are moving into a condo, you will want to call the Property Manager and reserve the elevator for your move-in day.
     
  • You should have at least one more opportunity to visit your new home prior to it officially becoming yours. Use this opportunity to take measurements, pick paint samples and figure out furniture placement.
     
  • Set up your utilities at your new home and cancel your utilities at your old home

On your closing day

Once you get the keys to your new home from your lawyer, it’s a good idea to head over to the house so we can walk through the home and make sure everything is as it should be. We will check that all appliances are working, that all belongings and garbage from the previous owner have been removed, and that everything in the house is in good condition.

If there are any issues, we will want to address them with the seller’s lawyer as soon as possible.

Congratulations!

You are now a proud new home owner! It's a fun club to be a part of. You will now be one of those people who reads every newspaper article that mentions the real estate market, you will proudly brag to your friends about renovations you are doing on your house, you will be curious to know what the house down the street from yours sold for, and most importantly, you will hopefully be able to create many years of awesome memories in your new home. Welcome to the club! Let the fun times begin!  

Do you have questions about the home buying process? That's what I'm here for! Drop me an e-mail or give me a call and I'd be happy to help. 
 

How To Buy Your First Home

Step 1: Get Your Finances In Order
Step 2: Get A Mortgage Pre-Approval
Step 3: Calculate The Cost of Buying Your New Home
Step 4: Gather The Funds Needed to Buy Your New Home
Step 5: Pick Your Side Kick
Step 6: Let the House Hunting Begin
Step 7: Make an Offer

Step 8: Close the Deal and Move In