The closing process when you buy or sell a home can feel complex. How do you know which responsibilities fall on the seller versus the buyer? Here’s a breakdown, or contact us today for more information.
Seller’s Responsibilities
Maintain the home after the sale
When your home is sold, there could be a 30-, 60-, or 90-day closing period. It’s not only important to make sure no damage is done to the property during this time, but that no renovations are done either. However, if something happens beyond your control — such as a broken pipe — make sure to let your REALTOR know.
The buyer will have a final walkthrough before the closing date, and the home should maintain the same standard as when it was listed.
Take care of your mail
You don’t want the new owners to receive your mail, so make sure all bills and subscriptions are switched to your new address in advance.
Sign the closing papers
A few days before closing, you’ll need to sign the papers with your lawyer and review the contract one last time.
Move out properly
Make sure all of your belongings are properly cleared out when you move, but ensure that any items that were included in the sale (such as appliances, furniture, and fixtures) are left for the new owners—this is especially important to note if you’re using movers. Leave the home in clean condition as well.
Leave important information for the new owners
If you have user manuals or warranties for appliances, windows and doors, the furnace or air conditioner, leave them out for the new owner, along with any spare keys and garage door openers.
Buyer’s Responsibilities
Do your final walkthrough before the closing date
Ensure you have a final inspection of the home before you move in to check that everything is as expected and that no changes have been made since your purchase.
Be prepared for final expenses
Before closing, you’ll receive a statement of adjustments through your lawyer with any fees that could apply to your closing costs, such as the carryover of certain taxes, like the property tax.
Get insurance
You’ll want to get your home insurance in place before your closing date, and it may be worth looking into title insurance with your lawyer as well.
Call the utility companies
It’s smart to call the water, gas, and hydro companies to have meters read when you move in, so you’re not stuck with bills from before you take ownership.
Plan your move
Think ahead to help make move-in day as smooth as possible. For example, it’s helpful to have the setup of cable and internet arranged for shortly after you move in. If you’re moving into a condominium, you’ll need to book an elevator in advance and be aware of any time limits so you can coordinate this with your movers.
