There are a few tasks that you, the homeowner, must do to get ready for closing.
If you are purchasing a home from a builder, we recommend you visit the Tarion website: www.tarion.com. This website contains a wealth of information about topics such as deposits, inspection, delays in closing, and insurance coverage.
When you are purchasing a home, you must place fire insurance coverage on your home prior to closing. We will require a letter from your insurance broker confirming the amount of the coverage and that your mortgage lender’s interest is noted on the policy. This is known as a binder letter. When purchasing a condominium unit, you should obtain fire insurance on the contents of the unit and liability insurance.
If you are selling a home, you must ensure that your insurance coverage is still in effect up to the time of closing. This coverage may be cancelled once the property has been sold.
We will be writing to the hydro, water, and gas companies to advise of the upcoming transaction and to arrange for the respective meters to be read. Because of the rules under the Privacy Act, utility companies will not rely solely on our direction to change the account name. Accordingly, you must also contact these companies to request the meters be read and to change the name on the account.
We will arrange an appointment with you a few days before closing to have you come to our office and sign all necessary documents and bring in any required funds.