Make a List and Check it Twice
For a smooth transition from the purchase contract – to a home inspection – to possession day, it is a good idea to create a final home sellers’ checklist of “Things To Do”. Before you complete the sale of their home, you will need to share the property report that indicates the home is compliant with municipal bylaws. You should know about any possible penalties with regard to moving, discharging, or changing the home sellers’ current financing. Financial institutions often charge large interest penalties when changing the parameters of existing mortgages. It is better to know ahead of time rather than be shocked when they have to come up with thousands of extra dollars to discharge their mortgage.
Whether your clients are the seller or the buyer, as a realtor, you’ll need to make sure to clean up the loose ends to make it a seamless and stress-free transaction. Items that need attention by the home sellers are; notifying all the utility services of a new owner, redirecting their mail, cancelling or requesting home insurance, setting up security systems, scheduling a mover, checking schools, transportation routes, and residential parking permits. You’ll also need to remind them to engage with a lawyer or paralegal to help with the preparation of legal documents and registration of the property at the Land Titles Registry.
Preparation is key to decreasing interruptions in the sales process. Buying or Selling a property doesn’t have to be scary or confusing. Be sure to keep the lines of communication open, provide timely advice and helpful checklists, and the transition to or from a home will be as easy for your clients as turning the key.