When closing on a house in Canada, review your purchase agreement to confirm the price, conditions, and signatures—don’t skip the fine print. Secure your mortgage details, ensuring the loan matches expectations, and double-check closing costs (typically 1.5–4% of the price). Get homeowner’s insurance locked in before the big day, and schedule a final walkthrough to spot last-minute surprises. Need the full checklist? There’s more to unpack below.
Key Takeaways
- Review the final contract of purchase and sale to ensure all terms and conditions match the agreed-upon deal.Confirm all closing costs, including land transfer taxes and legal fees, are accurately calculated and accounted for.Verify mortgage details, including loan amount, interest rate, and prepayment penalties, before signing closing documents.Secure homeowner's insurance and ensure it meets lender requirements before the closing date.Organize moving logistics, including utility transfers and address updates, to ensure a smooth transition post-closing.
Review the Contract of Purchase and Sale
Before you celebrate your new home, make sure you’ve thoroughly reviewed the Contract of Purchase and Sale—because missing details here could cost you later.
Start by verifying the purchase price matches what you agreed on, including adjustments or credits. Double-check the closing date to avoid last-minute surprises, and scrutinize any conditions precedent, like financing or inspections, ensuring they’re clearly outlined—no guesswork allowed.
Don’t assume verbal promises made it into the contract; every special clause, from repairs to included appliances, must be in writing. Skipping this step? That’s like signing a blank check.
And remember, all parties must sign the contract before closing—unsigned paperwork is just fancy confetti. This document is your safety net, so treat it like the backbone of your new beginning.
Got it? Good. Now dig in.
Gather Necessary Documents
- Government-issued ID: A driver’s license or passport to prove you’re you (no doppelgängers allowed). Proof of income: Recent pay stubs or tax returns to show you can handle the mortgage. Mortgage approval letter: The golden ticket that says, “Yes, you’re good to buy this house.” Property insurance: Proof you’ve covered your new digs—because fires and floods don’t RSVP. Closing costs funds: Cash for fees, taxes, and legal bills—no one likes surprises here.
Forget one thing, and delays happen. Skip the drama—organize now.
Conduct a Final Walkthrough
You’ve got your paperwork sorted—now it’s time to make sure the house itself lives up to expectations.
Your final walkthrough is your last chance to inspect the property before closing, so don’t rush it. Check every corner to confirm the condition of the property matches what’s agreed upon in your Contract of Purchase and Sale.
Test lights, faucets, and appliances—make sure they work. Look for unfinished repairs or new damage since your last visit.
Are the seller’s belongings gone? If not, it’s time to speak up.
This isn’t just a formality; it’s your safety net. Spot something off? Don’t hesitate to address it before signing.
After all, this is about more than keys—it’s your future home. Ready to take the next step? Let’s make it official.
Understand Closing Costs
Though closing costs mightn't be the most exciting part of buying a home, they’re unavoidable—and understanding them now can save you from nasty surprises later. These fees, typically 1.5% to 4% of your home’s purchase price, cover essential services to finalize your ownership.
Here’s what you’ll likely encounter:
- Land transfer tax: A provincial fee based on your home’s value, though first-time buyers may snag a rebate. Legal fees: Your lawyer or notary charges $1,000–$2,500 to handle paperwork and guarantee a smooth transfer. Title insurance: For $200–$400, it shields you from hidden ownership disputes or fraud. Adjustments: Prorated costs like prepaid property taxes or condo fees get settled at closing. Miscellaneous: Inspections, appraisals, or mortgage fees might pop up too.
Budgeting for these makes certain you’re not blindsided when keys finally land in your hand.
Sign Closing Documents
Document Why It Matters Deed of Transfer Officially transfers ownership to you Mortgage Documents Confirms loan terms and conditions Statement of Adjustments Balances purchase price and adjustments Title Insurance Protects against hidden ownership claimsSign with confidence—you’re almost home!
Stop Utilities and Update Address-Specific Services
After signing the paperwork, it’s time to tackle the logistical side of moving—getting your utilities and services squared away before the big day. Your real estate agent might remind you, but it’s on you to guarantee a seamless shift. Here’s how to stay ahead:
- Contact utility providers (electricity, water, gas) to schedule disconnection or transfer—don’t let overlapping bills haunt you.Update internet and cable services to avoid that dreaded WiFi-less first night in your new home.Submit a change of address with Canada Post—because who wants their mail lost in limbo?Notify rental companies (like hot water heaters) to dodge surprise charges.Refresh online shopping profiles so your packages don’t end up at the old place.
Cross these off early, and you’ll feel like a moving pro—no last-minute panic required.
Confirm Financing and Mortgage Details
Since you’ve made it this far in the homebuying process, nailing down your mortgage details is non-negotiable—because nothing kills the excitement of moving day like a financing surprise.
Start by verifying your mortgage approval letter matches the agreed-upon loan amount and interest rate; a tiny discrepancy here could cost you big.
Double-check that all required documents—like income verification and credit reports—are submitted so your lender doesn’t hit pause.
Scrutinize the mortgage terms, from prepayment penalties to the amortization period, ensuring they align with your long-term plans.
And don’t forget your down payment and closing costs—confirm they’re sitting in an benefits of prepaid leasehold accessible account, ready to transfer.
Finally, review the statement of adjustments to catch any errors in fees or taxes. It’s tedious, but trust us, you’ll sleep easier knowing everything’s locked in.
Ensure Insurance Coverage Is in Place
Though you're likely keen to unpack and settle in, don’t skip verifying your homeowner’s insurance—because uninsured disasters or lender hassles can turn your dream move into chaos.
Your mortgage lender will demand proof of insurance coverage before closing, so cross these items off your list:
- Activate your policy by the closing date—your insurer will adjust coverage to start the minute you own the home.Check lender insurance requirements, like replacement cost coverage—skimping could delay your mortgage approval.Compare quotes—it’s your money, so shop around for the best rate without sacrificing protection.Ask about move-in risks—standard policies mightn't cover belongings in transit, so double-check.Add riders for valuables—jewelry or art? Basic homeowner's insurance rarely covers them fully.
Organize Moving and Post-Closing Tasks
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Frequently Asked Questions
What Happens on Closing Day in House Canada?
On closing day you complete the final walkthrough review, get the key handover process done, receive a closing cost breakdown, verify title transfer details, and wait for your lawyer's final review before legally owning the home.
What Shouldn't You Do Before Closing?
Don’t make last payments late or skip credit checks—they matter. Avoid job changes or new loans before closing, as lenders notice. Hold off on furniture purchases; they can affect your approval. Stay steady to feel secure.
What Happens 7 Days Before Closing?
Seven days before closing, you’ll complete your final walkthrough, confirm mortgage approval, secure title insurance, arrange utility transfers, and review the closing disclosure. Verify everything matches your expectations—you’re almost there and ready to move in!
What Are the Steps in Closing?
You’ll sign legal documents like the mortgage agreement, complete the title search, verify property inspection results, do a final walkthrough, and pay closing costs. Once funds clear, you’ll get your keys and ownership documents—you’re officially home!
Conclusion
Closing on a house is thrilling but demands focus, so stay sharp! Double-check your contract, bring all documents, and don’t skip the final walkthrough—it’s your last chance to spot issues. Understand those closing costs; surprises aren’t fun. Sign carefully, switch utilities, and confirm your mortgage and insurance are locked in. Then, celebrate—you’ve earned it! Just remember, the real adventure begins after the keys are in your hand. Ready to move in?