Congratulations on your new Kingsmen home! Now the fun begins. There are a few key steps in the lead up to closing, that is the date when you officially take over ownership of your new home. That’s why we’re here to help walk you through them.

Here’s your countdown-to-keys roadmap, including the most important things you need to do and when you need to do them.

3 Months Before Closing

Finalize Mortgage Arrangements

If you locked in your mortgage rate early, reconnect with your broker or mortgage provider. Lenders typically need three weeks’ notice to issue final mortgage instructions to your lawyer. At Kingsmen, we do our best to give you as much notice as possible before your closing date — usually about 4 weeks out — but it’s a good idea to finalize your mortgage arrangements before then.

Confirm Home Insurance

Your mortgage provider will require home insurance to finalize your arrangements. Shop around: you might find savings by bundling with car or life insurance.

8 Weeks Before Closing

Review and Budget for Closing Costs

You should set aside 5% to 7% of your purchase price to cover some costs at closing:

• Land Transfer Tax (provincial and, if you’re buying in the city of Toronto, municipal)
• Development Charges (these will be outlined in your purchase agreement)
• Tarion Warranty Enrollment
• Legal Fees
• HST (if applicable)
• Property Tax

The Week of Closing

Pre-Delivery Inspection

About 2-3 days before closing, we’ll conduct a pre-delivery inspection to ensure everything in your home is in proper working order. Bring your checklist and inspector (or agent) to verify appliances, plumbing, doors, systems, and agreed upon fixes. We recommend you document everything.

Connect With Your Lawyer

Verify the exact date, time, and location of signing, which is often your lawyer’s office. Bring your photo ID, a void cheque (for occupancy/mortgage), and any outstanding documents. Your lawyer will walk you through the Statement of Adjustments — which is a document outlining all your closing costs — confirm funds, and guide the signing process.

Prepare Final Funds

In addition to mortgage funds, you’ll need to bring a certified cheque or complete wire transfers for:

• Final Down Payment
• Legal Fees & Disbursements
• Balance of Closing Costs
• Tarion Fee

Closing Day

Sign & Settle

On the big day, you’ll sign several documents including:

• Transfer of Title,
• Mortgage Documents
• Condo Documents (if applicable)

You’ll also complete the final transfer of funds. Once that is recorded…

Handover & Orientation

Our staff members will be on hand to give you your keys and give you a final primer on how to operate appliances, HVAC, and building systems. Although there may be some minor fixes that are ongoing — which we always do our best to resolve promptly — this orientation is your opportunity to get comfortable and ask questions.

After Closing

Warranties & Registrations

It’s a good idea to register major appliances and your HVAC system for extended coverage. Then, activate your Tarion warranties (30-day, 1-year, 2-year, 7-year) via their online portal.

Have more questions? Kingsmen’s team is here to make sure your new homebuying process goes smoothly. Contact us today.