What Happens Next?
Fulfilling the Buyer's Requests - The buyer's lender may require an appraisal of the value of the property in order to confirm the amount of mortgage to advance. This requires a visit by the appraiser to your home, but does not count as a "buyer visit".
According to the Agreement of Purchase and Sale, the buyer may have 2 or 3 visits before the closing date in order to show the property to family, or to bring in contractors to give estimates for painting or other improvements. As your representative, I make those arrangements so that the co-operating salesperson can bring the buyers for an official visit.
Contacting Utillity Companies - You will have to notify your heat and hydro utility companies of your move out. Give them the new owner's name and the date of closing. If you are selling your condominium, you will need to notify the Property Management Office of the transition to the new owner so that you do not have any further automatic deductions from your bank account of monthly maintenance fees.
Signing Transfer Documents - About a week before closing, your lawyer will advise you that the documents are ready to be signed. He or she will prepare a Statement of Adjustments showing you what expenses will be deducted from the sale price, for example, legal fees, commission, and other disbursements. You will then make arrangements to go to the lawyer's office to sign the transfer documents and turn over your extra keys.
Once the Transaction Has Closed - On the day of closing, your lawyer will advise you that the transaction has closed successfully. You will receive a cheque from the lawyer's trust account for the balance shown on the Statement of Adjustments. And if the buyer's deposit to our listing brokerage was greater than the amount of commission payable, you will also receive a cheque from our brokerage for the balance remaining after the deduction for commission plus HST.
If you have any questions, please contact me anytime.