RECAP: So as you may or may not know, my partner Ryan and I recently bought our first home together! This has been a huge learning experience for the both of us, and I decided to document it because I figure I can’t be alone in this feeling of cluelessness! Check the links below to read all about our home-buying journey thus far!
Like I mentioned in my last piece, The Millennial Home Buyer: Waiting in Limbo, you may have to wait a substantial amount of time between an accepted offer, and your actual closing date. That’s why it’s a great idea to get some of the nitty gritty out of the way before hand, so you can save yourself some stress!
The majority of the big closing tasks are going to happen within a week before closing, and they’re going to be heavy; (Welcome to Stressville! Population: me). The biggest one however is the down payment – ouch. Here are some steps to read through so you can be prepared for the big day!
One-two weeks before closing:
- Your lawyer will be getting in touch with you regarding some personal information – GET IT TO THEM ASAP.
- Submit final mortgage documents to your mortgage advisor, this will include things like: final numbers, bank statements, pay stubs, gift letters, and a void cheque for pre-authorized payments.
- Go into a branch of the financial institution that’s giving you your mortgage, and sign all the final paperwork they need on their end.
- Your lawyer will be getting in touch with you to set up a final appointment, and they will also be giving you the exact number ($$$) you’ll need to get a bank draft for. This amount will include taxes, law services, the downpayment, land transfer taxes, etc.
- Go to your bank and get the bank draft – make sure you have it addressed to the correct person!
- Go to the lawyer’s appointment and sign all the papers they need you to sign. Don’t forget to bring the IDs they’ve asked you to bring. Give them the bank draft, (this will hurt the wallet… a lot).
- Finalize all the last details and wait for the call to pick up your keys.
- Write some really nice reviews on Google or Facebook for the people who have helped you make this possible. Give your family and friends some big hugs and write them some nice messages for being so patient with your grumpy and stressed self… Trust me, you’ve been a bit of a pill this last week.
Finally the lawyer’s office will call and you can go pick up your keys! (This is the most exciting part!) So go get them and blast “I Got The Keys” all the way to the front door.
Keep your eye out for First Week, and First Month Checklists, along with some Before and After So Far posts!
The Millennial Home Buyer Series: