Preparing for Possession Day

Preparing for Possession Day

Typical possession dates are 30-90 days; however, they may be shorter or longer depending on the finalized agreement between Buyer and Seller. Attention to the following details will alleviate a lot of stress.

By this point, you should have chosen your lawyer. He or she requires all paperwork before the possession date, but you should meet with your lawyer at least one week prior to possession with your home insurance in place. They will also require your down payment, payment of fees, payment of any adjustments or taxes, and signed documents. You will also receive help to finalize anything else that is required before you own your new home.
If your down payment is not ready, make the arrangements to obtain it. It may be necessary to transfer money, which may take up to 30 days, so consult your bank or mortgage broker.
If you choose to use professionals, make sure to book early. Depending upon the items you need to move, you may need to contact specialists (for example, piano movers).
You will require a copy of your approved home insurance when you meet your lawyer. You will also need a copy of the home specifications to provide information regarding the home (for example, the age of the house, furnace, etc.).
You will want to start gathering all bills, taxes, and statements to send a change of address notice to the relevant people and businesses. You can arrange to have your mail forwarded to your new home through the post office.
You will need to set up the date of when to cancel the utilities in your current home and make a change to the new address in advance. Utilities are considered to be your phone, cable, Internet, power, water and gas services. See page 12 for a list of the common utilities providers.
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