Q: Who gets the furnishings when a home is sold?
A: Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or light fixtures),
automatically stay with the house unless specified otherwise in the sales contract. But you can consider anything that is not nailed down negotiable.
This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items,
such as a piano or pool table.
Q: What happens on the day of closing?
A: On the day of closing, the lawyers representing each side of the transaction will exchange documents and funds.
Documents have to be checked and funds obtained on the day of closing, and as a result transactions commonly close in the early through late afternoons.
Please note that every attempt is made to close a transaction on the day of closing, however you should be aware that in certain situations, such as where you are using funds from a sale to finance a purchase,
where a sale and purchase are in different jurisdictions, or where the closing date on a Friday that is also the last day of the month, the transaction may not necessarily be able to close on that date.
It is therefore a good idea to avoid end of month closings and to give at least a day between related sales and purchases. Where transactions cannot be closed a closing in escrow will usually be accomplished where
the availability of bridge financing will be of great importance, but this might add to legal and mortgage discharge costs. Keys for newly constructed homes are usually released either from the construction site
trailer or sales office in the afternoon of the closing.
Q: What happens after closing?
A: Keys will usually either be made available at the lawyer's office or from the site if a newly constructed property on the day of closing.
You will receive a report within 3-4 weeks after closing containing most of the documents you signed when you met with the lawyer, including if you purchased,
the original copy of the registered mortgage. For purchases and mortgages, the original mortgage goes to the bank until it is paid off then you receive the
original back in order to discharge the mortgage from title.
Q: Who do I notify of my change of address?
A: Prepare a checklist as follows...
Moving Checklist
Send change of address cards to:
- Post Office
- Charge Accounts
- Friends
- Relatives
- Subscriptions
Make arrangements with moving company
Disconnect utilities, get refund for any deposits made, and advise where final bills are to be sent:
- Water
- Electric
- Gas
-
Telephone
- Cable TV
Cancel deliveries
- Newspapers
Transfer bank accounts
- Chequing
- Savings
- Safe Deposit Box
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Notify insurance companies:
- Home Owners
- Health
- Life
- Auto
Obtain school records for children
Check to see if your will must be rewritten when moving across provincial boundaries
Check with insurance agent on coverage of life, car and household goods en route to new home.
Obtain medical records
- General Practitioner
- Dentist
- Optometrist
- Other Doctors
Transfer memberships
- Clubs
- Church
- Civic Organizations
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