The big day has finally come! After weeks and often months of waiting, you get to take possession of your new home or move onto your next chapter. Possession day is a favourite all around. Not only is it payday for the REALTORS®, whoo-hoo! We also get to share in the excitement of handing over keys to our buyers and walking them through their new house, ensuring everything is agreed to as promised. Your REALTOR® will make sure your possession goes as smoothly as possible and will communicate with the cooperating agent, lender, and lawyers to ensure everything is on track. And don’t worry, we keep our clients in check too, the JC Realty Team has a dedicated admin team in place to make sure nothing falls through the cracks. Here are a few things that lead up to this exciting time.
Coordination with the lender and lawyers. Once conditions are removed and the sale is finalized, the lender’s office and the seller’s brokerage will send over instructions to the lawyers representing the buyer and seller. The buyer’s brokerage will also send over the buyer’s deposit to the seller’s lawyer since the deposit is no longer refundable to the buyer. The lawyer will typically call the parties in for an appointment about a week before the scheduled possession, once they have received all info they need for their file from the lender and real estate brokerage. Your REALTOR® will follow up with you around this time to see that everything is in order and your appointment with the lawyer has been set up.
Essentially, the lawyer’s role in a real estate transaction is to transfer the title of the property from the seller’s name to the buyer’s name and exchange the funds. They will also set up title insurance for the buyer and handle any rental transfers such as the water heater. Sometimes there can be funds held back with the lawyer for various reasons including work needing to be carried out to the property before possession or completion of seasonal inspections, like a swimming pool, for example. The lawyer will close out the hold back once the items have been satisfied by the buyer and release the funds to the seller. The lawyer will also adjust for property taxes, so each party pays for exactly their share. Your REALTOR® can refer you to a great real estate lawyer if you don’t have one lined up.
- Home insurance. Make your insurance provider aware of your possession day. Have this done before heading in to sign at your lawyer’s office.
Buyer’s checklist. After conditions are removed, your REALTOR® will send you a list of items you need to get set up before your possession. These include:
- Set up utilities and cable/ internet. You can go to www.expressaddress.com to do this for most of your services at once. Utilities needed are SaskEnergy, SaskPower, and City of Regina.
- Connect with your lender. to ensure that all loose ends are tied up and that they know who you will be using for a lawyer so mortgage instructions can be sent.
Seller’s checklist. Your sale is complete,yay! Now the whirlwind starts, perhaps you need to start house hunting to find a new home, or you can finalize on a property you’ve had your eye on. There are a few other things you’ll need to tie up and do to get your house ready for the buyer. These include:
- Make your lender aware of the sale. Whether you are purchasing a new property in conjunction with the sale or not, you will need to let the lender that holds your mortgage know that you’ve sold. Your REALTOR® can send over the sale documents to them, so they have everything they need to either port your mortgage or close it out.
- Cancel Utilities. Transfer utilities/rentals/insurance for the day of possession.
- Clean. Make arrangements to remove all belongings and debris from the home and have the place cleaned the way you would want it if you were moving in.
Key release and walk through. After the lawyers have wrapped up everything on their end, they will grant the REALTOR® authorization to release keys to the buyer. The buyer’s REALTOR® will meet them at the house for the scheduled possession, give them the keys and any info from the seller about the property. We ensure all inclusions remained with the property. Inclusions like; appliances, garage door openers, central vac equipment, etc. We will also check for any damages or alterations made to the home since our last viewing.If there are any issues, the REALTORS® will try to resolve the problem quickly and efficiently. Very rarely we will have to get the lawyer involved with a possession related dispute.
Possession day can also mean the end of regular check-ins from your REALTOR®, a bittersweet time, actually. But we always want to keep in touch with our clients afterward, so keep us in the loop on how things are going. We love to hear from you and continue to be of service after the transaction has come to an end. Make sure you follow us on social media, subscribe to our email list and take advantage of all the extra value we provide to our wonderful clients after the transaction is complete.
KAILEY HEINTZ – REALTOR® – JC REALTY REGINA
Team Driven. Client Focused.