Conditions Have Been Removed! Congratulations. What is Next for Buyer?
Once Conditions have been removed the purchase is a firm sale and the property is sold.
Please make sure you stay in contact with the three most important professionals to assist you through your next phase to Possession day:
REALTOR®: will ensure the document conveyancing is done and the two lawyers involved are informed. Your REALTOR® will complete the Walk Through, usually day before the Possession day with the Buyer to ensure the property is in a similar condition as the Showing Day. REALTOR® will also hand over the keys to the Buyer on Possession Day. Your REALTOR® will ensure a smooth purchase and ensure any details with lawyers, mortgage agent, and seller are completed.
Lawyer: will complete necessary documents for Land Title transfer, Title Insurance if required, RPR compliance, mortgage document signing, etc. The Buyers will meet your lawyer to sign all documents the week before possession.
Mortgage Agent: will assist you with the mortgage documents and ensure you have house insurance in place. Payment schedule will be set up with frequency of payments, etc. Life insurance will usually be discussed. The Buyer usually has the option to choose their life insurance company.
Other activities to be completed by Buyer are:
House Insurance: this is mandatory especially if you have a mortgage. Shop around for best rates. It’s often a good idea to check out the Insurance Broker/Company where you have car insurance. They may give you discount for house insurance if you have car insurance at same place.
Moving Contractor: make sure you plan ahead and book a Contractor.
Important: don’t book Contractor for the Possession day in the morning. You don’t get the keys until approx. 1 pm.
Life Insurance: is not mandatory but needs thinking about if you have a family to support. Can be purchased through Mortgage Lender you have chosen, or you can go to an independent life insurance Broker.
Utility companies need to be notified that you are moving in on possession day.
Such as gas, electricity, water, telephone, internet. Don’t forget to cancel your utilities at your present residence.
Property Taxes: speak to City of Calgary (if you are in the city) or municipality and set up
your tax payments. Can be done on a monthly basis with TIPP program in Calgary.
The trademarks REALTOR®, REALTORS®, MLS®, are controlled by The Canadian Real Estate Association (CREA). Used under license.