The Ultimate Checklist Before Closing On Your Home Purchase

I’m Rowan Smith, a mortgage broker at City Wide Mortgage Services, and I understand that closing the deal on a house can be quite a challenge. However, closing is the final and likely most crucial stage of your home buying journey, so being prepared can help you keep the process moving forward so you can get into your dream home quickly and easily.

As an expert in the process of home purchase, I’ve created a handy checklist to help you complete your home purchases with as little stress as possible. Follow my checklist to have a successful closing day so that you can get back to the other important things in life.

1. Has your mortgage been instructed?
You will want to ensure that your mortgage broker or bank has sent instructions to your lawyer or notary at least ten business days before your completion date (the day the money changes hands).

2. Have you arranged insurance?
If you buy a condo or strata unit, your strata will have fire and flood insurance already in place. However, you may still want to get content insurance. You’ll want to look into this a couple of weeks before your completion date.

If you’re buying a stand-alone home, you will want to arrange for fire and flood insurance. This process can take some time, so you’ll want to do it as soon as you remove subjects on your purchase and firm it up as every mortgage will require it.

3. Is your down payment liquid and ready to go?
Most clients often leave their down payment in investments a couple of days before the completion date, only to find out that it takes five business days to get the funds out of the stock market. If your funds are not in a bank that you can walk into and get your money in a draft in ten minutes, then you need to move them into your bank as soon as possible. Don’t wait until the last minute to move money around.

4. Has your realtor sent over the contract and deposited it to your lawyer or notary?
The realtor has to turn in the deposit and contract to their conveyancing department. Making sure your lawyer or notary has it will save you from running around last minute trying to do damage control.

5. Will you be in town to sign at completion?
Many borrowers make the mistake of taking a vacation just before they buy their home. But, you need to be in the relevant and able to sign and deal with last-minute hurdles that could arise. Do not leave town for the week before completion. It will save you a whole load of trouble.

If you need more help to get through your first home purchase with as little stress as possible, reach out to mortgage broker Rowan Smith at City Wide Mortgage Services. I am a mortgage broker serving Vancouver, BC. I have been in banking and brokering for twenty-one years and an independent broker for eleven years. In addition to straightforward home purchases, I specialize in more complex transactions such as construction, private lending, commercial, and debt restructuring while in foreclosure. My services are available to clients across Vancouver, Yaletown, Burnaby, Richmond, Coquitlam, Surrey, South Surrey, White Rock, Langley City, Fort Langley, Langley Township, Aldergrove, Abbotsford, Chilliwack, Hope, and the surrounding areas.

To learn more about my mortgage services, please click here. If you have any questions, I’d love to hear from you. Contact me here.