What Do I Do After I Sell My House?
Friday, May 18, 2018
It’s an incredible feeling when you accept an offer on your home.
When you get the call that your home has sold, it’s the official start of the next big adventure in your life. It’s scary and exciting all at the same time.
You’ve spent a long time focusing on this goal, and you’ve finally reached it.
But know that this moment is finally here, you realize that there’s still a lot to do. What’s the next step?
1. Organize Your Paperwork
One of the first things you should do after you accept an offer is organize all your paperwork. You’re going to have a lot of it.
We know it’s not the most glamourous - or fun - part of a home sale, but you’ll be glad you did. Remember, your lawyer and agent are helping you through this process. If you have questions, ask away!
So what should be included in your post-sale paperwork?
1. Papers on home additions and renovations. These can be claimed on your taxes - but only if you have all your receipts.
2. Document of sale of your principal residence. In Ontario, any home sold after 2017 must be reported on a Schedule 3 form and Form T2091 - Designation of a Property as a Principal Residence by an Individual. This allows you to claim a principal residence exemption on your taxes.
3. Seller disclosures. These are the things that you have disclosed to the buyer about the condition of the house.
4. Purchasing contracts. Once a buyer actually makes you an offer, contracts will be drawn up. These will not be signed until negotiations are complete.
5. Property transfer documents. This will include the transfer of your property deed, and any other papers required to officially give the new buyer ownership.
6. Property insurance. It’s good to keep this documentation on hand for your records.
Even though you may be tempted to shred some things, don’t: anything connected to your home sale is important, and should be kept. This will be valuable if you need to consult a document later, and give you peace of mind now.
2. Notifying Your Bank
Chances are that if you’re selling your home, you’re going to use some of that money to pay off your current mortgage. You need to give your bank adequate notice.
We recommend doing this when you first decide to sell, as some banks need more notice than others.
3. Turn Your Attention to Your New Home
Many people sell and buy at the same time. That means double the things to think about. But we have some great tips on how to do it >
Once you sell your house, you can focus solely on your new one. And while that does mean more paperwork, it also means fun things like decorating and getting to know your new neighbourhood.
4. Change Your Address
Now that you’ve accepted an offer, your Amazon orders are going to have to go somewhere else!
If you have a new address, here are the things you need to update:
- Your mailing address. Canada Post recommends scheduling your mail to be forwarded 4-6 weeks before you move, and that you provide your new mailing address to any person or company who has it.
- Your driver’s license and vehicle permit. In Ontario, the deadline to have these updated is 6 days.
- Your health card. In Ontario, you have 30 days to update your address on this particular card.
5. Cancel or Transfer Your Utilities
While we know you don’t want to be without Wi-Fi for a week before you move, you do need to schedule an appropriate time to cancel - or transfer - your utilities. That includes hydro, water, cable, and any other home services in your name.
6. Find a Good Moving Company
A moving company is going to be a huge help when you’re trying to relocate from one home to another. But you need to do your research and find a good one. Unfortunately, there are unreliable movers out there that will take advantage of you.
If you’re looking for a moving company online, there are some things that will help you identify a good mover:
- A physical address for the company
- A membership with an accredited moving association, like the Canadian Association of Movers.
You should also read the reviews of any company you’re considering. Real accounts from real people will help you figure out if this is a company you trust with your belongings.
7. Pack - and Purge
Now comes the really fun part!
Packing up your old home is a great time to purge. Over time, our homes become crammed full of things, do-dads, and trinkets.
Moving is the perfect time to donate or toss the things you no longer need. You’ll start fresh in a new place with the things that really matter to you.
If you’re having trouble letting go, ask yourself the following questions:
- Have I used in the last year?
- Will I have room for it?
- (If you’re moving to a condo) What will be covered under my condo fees?
These questions can help make the parting process easier.
Tip: If you really have a lot of stuff to get rid of, and it’s in good shape, a yard sale is a fun way to give your belongings a new home - and make a little extra dough while you’re at it!
Our Experienced Agents Will Help You Every Step of the Way
It’s a lot to tackle. That’s why you need a team to help you.
Paul Rushforth Real Estate is comprised of a true team that is committed to getting you to the finish line, whether you’re buying, selling, or both.
Our expert agents will be with you through every step of the process, and will handle the details so you can focus on what matters most: your next big adventure.
The Paul Rushforth Team
PAUL SHARES HIS KNOWLEDGE EVERY WEEK ON
CFRA'S OPEN HOUSE: THE REAL ESTATE AND MORTGAGE SHOW
Listen to Episodes >