Closing your home.
The final days before closing can be a stressful period for both homebuyer and seller. The closing procedure is intricate and complex, and therefore requires a lot of preparation. These tips will help your closing day go easily and efficiently.
Preparing For Your Closing
Contact Your Mortgage Representative
Your mortgage representative will assist in the preparation of documentation required for the mortgage funds to pay for your new home. They will determine your payment details.
Contact Your Lawyer
It is important to keep in close contact with your lawyer about a month prior to closing. Your lawyer will prepare your documentation for closing day.
- Lawyer fees – the fee your lawyer will charge you for their services.
- Statement of adjustments – the details of the costs payable specific to the purchaser, on the completion of the home. These can include: realty tax adjustments, Tarion fee adjustment, etc.
- Land transfer tax - this is a tax levied by the Ontario Government on real estate changing hands, and is the responsibility of the purchaser. Land transfer taxes vary by province. Learn more about land transfer tax.
- Utilities – setup and transfer of accounts (example: hydro, water, gas, etc.)
You cannot close your home without a lawyer. Acorn must have your updated lawyer’s contact information.
Notify Canada Post that you will be moving. You can obtain your municipal address and postal code by visiting Canada Post’s webpage. You must also register through Canada Post’s online system to receive your Community Mail Box key.
It is strongly recommended that you have your appliances delivered 3 to 5 days after closing your home.
If you choose to purchase appliances through Acorn, it is your responsibility for the delivery and installation of these appliances, after closing.
Obtain medical and dental records, and prescription histories. Ask doctor and dentist for referrals. Transfer prescriptions to new pharmacy.
Movers and Moving Tips
Be sure to hire a good moving company that is reliable. Best companies are those recommended by a trusted friend or family. Book a moving company or a moving van in advance.
When moving, take inventory of your belongings before they are packed, in the event you need to file an insurance claim later. Ensure you record serial numbers of electronics equipment. When packing, make sure all boxes are labeled, and labels indicate which room the box is intended for.
Pre-Delivery Inspection (PDI)
The Pre-Delivery Inspection (PDI) takes place when your new home is ready for occupancy, before you take possession. Typically, this is one to two weeks prior to your closing date. Acorn will contact you to schedule the PDI appointment time. Appointments will take place during normal business hours, Monday to Friday, and usually last 1 to 2 hours.
During this inspection, you will learn how to operate and maintain your new home as well as ensure that everything has been built according to your Agreement of Purchase and Sale (APS). Acorn examines the inside and outside of your home with you in order to create a written record of any items that are incomplete, missing, damaged, inaccessible or not working properly. These items that require attention are then recorded on a form which is attached to the Certificate of Completion and Possession (CCP) form, and becomes the official record of the home’s condition before occupancy.
Due to the importance of the PDI, we suggest that you choose a different time to show your new home to family and friends. Your focus during the inspection should be on observing the home itself, listening to the instructions provided by Acorn and ensuring that a complete list of deficiencies is made.
For more information about this process, review Tarion's "Your Pre-Delivery Inspection".
Closing is the process of transferring the title of a home from the seller to the buyer. It’s also the point in time when you’ll officially commit to a mortgage to pay for your new home. The following tips will help for a smooth closing day.
Closings generally occur between 3:00pm and 5:00pm to allow for the completion of all paperwork and transfer of funds. For this reason, please schedule your movers so that they will arrive at your new home in the late afternoon or evening.
Please note that Acorn cannot allow any purchaser to move items into the home before the closing.
Obtaining the Keys
Keys are obtained at the Sales Office on your closing day.
Please note, that until Acorn has officially received notice from our lawyer, we are unable to release the keys to you. Your lawyer should notify you when your home is legally closed.