Things to do after Selling your home
Once you’ve handed the keys over to the new owners, you may probably consider the selling process completed. But there are a few things you’ll need to do in the coming weeks and months.
Keep Copies of Paperwork
It is essential to keep copies of all the paperwork related to closing and settlement. Keep proof of improvements, expenses, sale proceeds and prior purchases for tax purposes.
Utilities and Change of Address
Make sure your utilities are paid up to the closing date, and that the account is transferred to the new owners. You would also need to change your address with Canada Post. This can be done online.
Check in with your lawyer
Your lawyer would arrange for you to sign the transfer documents. Furthermore, the lawyer would ensure that the old mortgage has been properly discharged and any payments required have been made.
Check in with the mortgage broker
If you’re selling a house, you’re likely to buy one too. You need to go over the papers for existing mortgage before signing them. When discussing mortgage for your new home, find out what level you qualify for and pre-assess the monthly dollar amount you feel comfortable committing to.
Choose your next home carefully
Take your time purchasing your next home. You can defer tax on the sale profits for a year. Re-evaluate your finances. Scope out a variety of areas and housing options that meet your family’s needs.