🤷♂️FAQs for Sellers: Here’s What Happens Next!
🎉Congratulations, you have an accepted offer!
Now…what happens next?!
Below, we have outlined some FAQs to help guide you through the next steps. Of course, every scenario is different and we are always here to help. The below answers are typical scenarios, but Rob and our team will be here to support you and advise you all along the way!
Do showings stop once my property is sold?
If your agreement has a conditional period, we will advise on whether showings will continue on your property or not. Once your property sells firm, we will cease all future showings and cancel any bookings.
🏡For Sale Sign Removal
When will my For Sale sign be removed?
If you have a sign at your property, once your property has sold, our team will place a sold “rider” on your For Sale sign. The sign typically stays on your property until prior to closing, or at least two weeks at minimum. If you would like a specific removal time, we are happy to coordinate this for you.
🔐Lockbox & Keys
When will my lockbox be removed?
The lockbox will usually stay in place, with keys inside, until your closing date to ensure that all final buyer visits can be completed and there are no issues with access to your unit or home. Our team will coordinate a lockbox removal at this time.
What happens with my keys?
Unless otherwise arranged, a set of keys must be provided by you to your lawyers before closing. In some cases, a secondary key can be left in the lockbox or provided to us, in which we will provide access to the Buyer’s Agent and their clients on closing to take the key.
How and when do I sign my closing documents?
Once you’ve secured a lawyer, you’ll need to schedule a time to meet to review the documents so you are completely aware of what is left to be taken care of. They will book you to come in and meet with them the week of closing. This meeting will approximately take an hour of your day.
During this appointment, you will sign any closing documents. You may also be required to submit a copy of home insurance for the purchased property as well as any deed, survey, mortgage or current property tax bills. Please come prepared with any documents they outline for you ( your lawyer will advise), in addition to a valid photo ID.
What property bills am I responsible for?
Any fee or expense owing on the property that falls on a due date prior to closing must be paid, by you, before you close on your property. This includes fees such as property taxes, condo fees, and your mortgage payments.
What about fees or expenses on the property I have pre-paid?
If applicable, fees or expenses you pre-paid on the property (taxes, condo fees, etc.) that will benefit the Buyer will be adjusted by the lawyer prior to closing. This will be a credit to you and prorated to the applicable payment owed to you.
Please be sure to stop any future payments (pre-authorized debits or post-dated cheques) that occur after your closing date.
What should I do with my current billed utilities?
Contact your utility providers to have all your utilities read the day of closing that way you will only be responsible for your share. Don’t forget to notify your cable and telephone company to get your service disconnected or transferred.
Do I have to clean my property after I move out?
Though not entirely necessary, it is common practice to properly/ professionally clean the property after you’ve moved your belongings out. If you require recommendations for a cleaner, we’d be happy to provide it and/or schedule this on your behalf!
What happens if there is an accident or emergency before I move?
You must maintain your insurance policy right up until closing (including the day of closing itself). Do not cancel your insurance policy until after your sale has been closed. If you will be moving out more than 30 days prior to the close, you will need to notify your insurer that your home will be vacant. This ensures that you will be covered should anything happen home up until the closing.
What should I do about my mail?
For a small charge, you can have your mail re-routed to your new address. You will coordinate this directly with Canada Post and can find useful tools to help you with this in our Move Snap platform.
How do I get paid on my sale?
All net profits from the sale will be paid to you via certified cheque on the closing day. This cheque is typically made out to be payable to all owners on the title. You may dictate, before closing, who this cheque is made out to specifically or split amongst registered owners directly with your lawyers.
💰Balance to Vendor
What is a balance to the vendor?
The deposit from the Buyer is held by our Brokerage in trust until closing day. Should this deposit be greater than commission and commission taxes owing, the overage will be issued as a “Balance to Vendor” to you, the vendor (Seller), directly from us. This will be a certified cheque issued to the registered owners on the title. This typically is issued on closing day and is made available within 2 business days.
When this cheque is ready, our Team will contact you to arrange for pick up or mailing of this cheque.