As closing day approaches, you’re probably wondering what you should be doing to prepare. Closing day is the highly anticipated date when ownership of the home officially transfers from the seller to the buyer. This is the day (in most cases) that you’ll receive the funds from the sale of your home.
Your lawyer will schedule an appointment with you a couple of days before closing. This appointment ensures everything is in order for a smooth closing and you’ll likely sign any final paperwork to close out the transaction. Be sure to bring a spare key with you at this time as well. Your lawyer will ensure the buyers receive the key on closing day so that they can access their new home.
Transfer of Funds
One of the most common questions we get from sellers is (understandably!) ‘When will I get my money?’
Although we wish we could answer this for you, there are many factors involved which are beyond our control as REALTORS®. The transfer of funds is jointly handled by the lawyers and banks. Below is an outline of the steps that must be completed before the money is in your hands:
Buyers lawyer gives go ahead to the bank to transfer the funds
Bank transfers the money to your lawyers trust account
Once the money has been transferred, final paperwork is completed and ownership is officially transferred. The buyers lawyer will register the new owners name on the title.
Once all of the paperwork is done, the money will be transferred to your account or you’ll receive a certified cheque.
The goal is to have this done by end of day (5pm). In our experience, most sellers receive their payment by mid-day given no unexpected hiccups occur.
There are lots of variables that can cause delays, namely:
how many other closings are happening on that particular day
unexpected road blocks such as undisclosed ownership rights
issues with and/or missing paperwork etc.
As mentioned above, only your lawyer can determine when you will receive payment. Unfortunately, we as agents have no bearing on when all of the required steps for closing are completed.
Preparing for Closing as a Seller
As a seller, there are a few important things you should do prior to closing day in order to ensure the home is ready for its new owners!
Keys & Garage Door Opener - Please label all keys and leave them somewhere easily visible to the new owners.
Mailbox Location and Keys -If you have a community mailbox, be sure to leave a note with its location and number along with the key(s).
Manuals & Warranties - Leave any manuals or warranties for appliances etc. The new owners will appreciate having this information on hand!
Leftover Building Materials & Replacements- If you have leftover paint lying around, extra flooring, trim, or hardware you can leave these behind. The new owners will benefit from having these items should they ever need them.
Patch Holes - Patch any major holes in walls after removing large items (tv), furniture, etc. If you’re feeling up to it - patching any nail holes from pictures can be a nice gesture for the new owners.
Double Check Inclusions & Exclusions - Ensure all inclusions remain in the home by cross referencing you Agreement of Purchase and Sale. Do not leave anything behind that was not specifically asked for.
Garbage - Remove and dispose of all garbage, junk, and unwanted items.
Oil (If applicable) - Top up oil tank for the new owners.
Mow Lawn/Shovel Snow (If applicable) - this is optional but a nice gesture to the buyers!
Reminder - Ensure all utilities such as power and internet are disconnected properly.
Completing the items outlined above will ensure a smooth closing day for both yourself and the buyer. And remember, we take care of the cleaning upon your move-out, so that’s one less thing you have to worry about! If you’d like more information, feel free to contact us. Happy closing day!
Author: Brynn Carmody
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty