Congratulations, your house is sold…now what?
Once the conditions have been removed on the sale of your house it will be reported to SRAR as sold, congratulations! Now what to do?
Keep your home insurance in place, even if the house is vacant (especially if the house is vacant), until a few days after possession is scheduled to happen. Over the years I have only had ONE house possession go past the date outlined in the Offer to Purchase document but it does happen occassionally. While the Buyer should have insurance in place for the day of possession if something goes sideways, and the possession gets bumped back a day or two, you are still the owner of the property and are responsible for it. Your insurance broker should be able to cancel the insurance quite quickly once possession takes place, and a couple of extra days of payment are certainly worth the peace of mind that keeping it in place provides you.
Contact a real estate lawyer. I recommend that you use a lawyer who specializes in Real Estate Law such as:
Let me know who you are using so I can provide their information to the relevant parties. We have some paperwork to do at our end and will send it to the real estate lawyers when complete. Once they are close to finalizing your file the law office will call you to set up an appointment for you to come in to sign paperwork. You should bring with you:
- Two pieces of valid ID – SGI photo ID and a SIN card, birth certificate, or credit card should suffice
- Bank Draft or certified cheque for the difference between your down payment minus your deposit amount
- Ask your lawyer if they require anything else from you
In the contract the Buyers will have outlined a time that they are to take possession of the condo/house (page 2 in their Offer to Purchase). Unfortunately sometimes there are delays, behind the scenes, due to things such as last-minute trips to the lawyer or last-minute changes to the contract. The Buyers will not get the keys from our office until we get the call from your lawyer’s office saying that they have received the remaining money from the deposit and that instrustions are to release the keys. At this point I will call you to let you know that I have heard from the lawyer and will be releasing keys to the Buyer’s agent.