5 tips to help prepare for closing day as a buyer

Your closing day is approaching! While the purchasing process can be fun, you’re probably excited to wrap things up and start moving in. You are very close to celebration time, but hang on! First, you need to navigate closing day. This is a huge day that requires a lot of preparation and organization. Here are five tips to help make sure your closing day runs smoothly.

#1 Double check on that down payment!

You’re certainly familiar with the importance of your down payment, and the time has finally come to get it out of your bank account. As the biggest upfront cost of the purchasing process, take a moment to make sure you have everything you need to prove its legitimacy to your lender. For example, if your down payment was a gift, you will need proof of the transfer and possibly a letter from the gifter. The point is to prove the money came from a trusted source, so keep anything handy that helps track its progress to your account. Basically, you should ensure everything is in place so you don’t encounter any obstacles on closing day. 

#2 Make sure your finances are good to go

We’re sure you have been keeping careful tabs on your budget and finances throughout the entire process! Do yourself one final favour and take a last look at your finances in preparation for closing day. You want to be certain you have the funds needed to cover closing costs, land transfer taxes, legal fees, and moving costs. Plus, you will have your down payment to handle too, as we mentioned above. Your mortgage broker can help you confirm the costs you should expect on closing day, and you can double check that it matches what you have prepared. You will be thankful for this extra preparation when it reduces the stress of closing day!

#3 Schedule a final meeting with your lawyer

Your lawyer will want to meet with you one last time shortly before closing day to go over the final details of their work with you. They will go over all the necessary paperwork including the statement of adjustments, which details the final amount you will owe. You can sign this as well as any other documents ahead of time to save time on closing day and help things move more efficiently. For your final payment, make sure you have a bank draft prepared, and two pieces of government ID. It’s easy to forget about little things like this, but very important to remember them!

#4 If possible, avoid closing on busy dates

If it is an option, try to dodge certain busy dates for your closing day. This isn’t always possible, and if that’s the case, don’t stress over it. However, it can just make your day feel a bit smoother if you can arrange to close during a less active period. The first and last of the month are always hectic, as these are common closing dates for buyers and sellers everywhere. Lenders and notaries will have jam-packed schedules, and moving companies are also likely to be booked up. Fridays also tend to be pretty full, and it’s best to avoid closing on the last day before a weekend. If there is any issue with your closing that can’t be resolved before the weekend, you may have to wait an extra three days to finish the process. You can work with the seller to try to find a closing date that works for all parties and minimizes the potential for chaos and delays.

#5 Don’t skip the pre-close inspection!

Finally, make sure you take advantage of your pre-close home inspection. By now, you have seen your future home at least once, and likely had an appraisal and inspection performed already. However, it’s important to take this last chance to look at the property before it becomes yours. Make sure nothing has changed in terms of the home’s functionality, and no major damages have occurred. The home should be in the same condition as it was when you submitted your offer. If you skip this final inspection and later find out the property has problems that weren’t there before, it will be your responsibility to cover the costs of any repairs. Save yourself from future headaches and expenses by making the effort to inspect the home now.

Closing day is the last step before you officially become the owner of your new home. You are so close to the finish line, but don’t take your foot off the gas just yet. Keep up the hard work, and reach out to a mortgage broker if you have any concerns. We are here to help you move into your new home and avoid any bumps in the road!

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.