Preparing for Closing Day: A Seller’s Guide in Sault Ste. Marie
You’ve done it—you’ve prepped, listed, showed, and negotiated. Now you’re heading into the final stretch of selling your home: closing day.
While this is the exciting moment when ownership officially transfers to the buyer, it does come with a bit of preparation.
Don’t worry—closing doesn’t have to be stressful when you know what to expect and take the time to prepare properly.
Quick Summary: Preparing for Closing Day as a Seller
What Is Closing Day?
Learn what happens on the final day of the sale when ownership transfers to the buyer.Steps to Prepare for Closing:
Follow a checklist to ensure all documents, payments, and agreements are ready before closing day.Preparing the Home for the Buyer:
Understand your responsibilities for cleaning, repairs, and final walkthroughs to leave the home ready for the new owner.Handling Logistics Before Closing:
Coordinate with your lawyer, realtor, and movers to streamline the process and avoid last-minute stress.Financial Considerations Before Closing:
Review closing costs, mortgage payouts, and any adjustments to finalize the financial side of the sale.What to Expect on Closing Day:
Find out what typically happens, from signing documents to transferring keys and funds.Common Concerns and How to Address Them:
Get answers to common worries like, “What if the buyer’s financing falls through?” or “What if there are delays?”How I Support Sellers During Closing:
Learn how I guide you through the entire process, handling details and addressing any issues to ensure a smooth closing day.
What Is Closing Day?
Closing day is the finish line of your home-selling journey. It’s the day when:
- The legal transfer of ownership from you to the buyer takes place.
- All final documents are signed.
- Funds are exchanged, and the keys are handed over.
Think of it as the official handshake that seals the deal and marks the end of the process.
Steps to Prepare for Closing
Review the Purchase Agreement
The first step in preparing for closing is to revisit the purchase agreement.
This document outlines everything you and the buyer agreed upon, including:
- The sale price.
- Items included in the sale (like appliances or fixtures).
- The closing date.
Double-check that all the terms match your understanding and confirm there’s nothing left to address.
If you have questions or need clarification, your realtor or lawyer will help.
Complete Any Agreed-Upon Repairs
If the purchase agreement includes conditions that require you to complete repairs, make sure they’re done before the buyer’s final walkthrough.
Whether it’s fixing a leaky faucet or addressing larger issues, meeting these requirements keeps the sale on track and avoids last-minute disputes.
Example: A home inspection reveals roof damage.
You may agree to lower the selling price by $2,000 to cover repair costs.
Hire a Real Estate Lawyer
In Ontario, having a lawyer for closing is a must.
Your lawyer will:
- Review the legal documents to ensure accuracy.
- Handle the title transfer to the buyer.
- Distribute the sale proceeds to you after deducting closing costs.
Choosing a lawyer experienced in real estate transactions is key to a smooth closing process.
Your realtor will provide you a list of lawyers or you can search for one yourself.
Cost for a lawyer in a real estate transaction is around $1,000 – $1,500 +HST.
It can cost more depending on special circumstances.
Preparing the Home for the Buyer
Final Cleaning and Decluttering
Before the buyer’s final walkthrough, take the time to clean your home thoroughly.
This step ensures the property is in the condition you agreed upon in the purchase agreement.
- Clean all rooms, including less obvious areas like inside cabinets and closets.
- Remove all personal belongings and trash.
- Leave included appliances and fixtures in good working order.
The Buyer’s Final Walkthrough
The buyer will likely schedule a final walkthrough just before closing day.
This is their chance to ensure the home is as expected and that agreed-upon repairs are complete.
To make this process smooth:
- Fix any minor issues you might have overlooked.
- Confirm the home is move-in ready.
- Leave behind any keys, garage remotes, or manuals for included appliances.
Handling Logistics Before Closing
Gather Required Documents
You’ll need to provide several documents during the closing process, including:
- The deed or title to the property.
- Proof of property tax payments.
- Utility bills and service records.
Having these ready ahead of time will help avoid delays.
Notify Service Providers
Before closing, inform your service providers of the sale. This includes:
- Cancelling or transferring utilities like electricity, water, home insurance, and internet.
- Updating your address for mail and billing purposes.
- Remember: You are responsible up to the day before the closing date so this will be the last day you are charged for services on the home. The buyer is responsible for the closing date and onwards.
PUC Website or Call 705-759-6500
Enbridge Website or Call 1-888-427-8888
Algoma Power Website or Call 705-256-3850
Plan Your Move
- Book a moving company or rental truck in advance to ensure availability.
- Schedule your move to avoid conflicts with the closing timeline.
- Leave behind all keys, remotes, and access codes for the buyer.
Financial Considerations Before Closing
Understand Closing Costs
As a seller, you’ll have a few closing costs to budget for, such as:
- Realtor commissions.
- Legal fees.
- Adjustments for property taxes or utilities.
Example: On a $400,000 home, expect to pay $16,000-$20,000 in commission and approximately $1,200 in legal fees.
Your lawyer will provide a detailed breakdown of these costs.
Plan for Your Mortgage Payout
If you still have a mortgage on the property, your lawyer will handle paying off the remaining balance.
Be aware of any prepayment penalties that may apply.
How You’ll Receive Sale Proceeds
Once all closing costs are deducted, your lawyer will deposit the sale proceeds into your account.
This is usually done electronically and is often completed the same day as closing.
What to Expect on Closing Day
Signing Final Documents
On closing day, you’ll meet with your lawyer to sign the necessary paperwork, including the transfer of ownership and any remaining legal documents.
Your lawyer will guide you through each step, so you know exactly what you’re signing.
Transferring Keys and Final Steps
Once the buyer’s funds are received and the transaction is finalized, you’ll hand over the keys and any other items (like garage remotes or security system codes).
This is the final step before the buyer officially takes ownership of the home.
Receiving Proceeds
After the sale is finalized, your lawyer will transfer the proceeds to your account.
This is the moment when all your hard work pays off—literally!
Common Concerns and How to Address Them
What If There’s a Delay?
Delays can happen for reasons like financing issues or incomplete paperwork.
If this occurs, I’ll work with your lawyer and the buyer’s agent to resolve the issue quickly and keep things on track.
What If Issues Arise During the Walkthrough?
If the buyer finds minor issues during the walkthrough, I’ll help negotiate a solution, whether it’s a quick repair or a small adjustment to the closing terms.
How I Support Sellers During Closing
As your realtor, my goal is to make the closing process as smooth as possible. Here’s how I help:
- Clear Guidance: I’ll explain each step in detail, so you always know what to expect.
- Coordination: I’ll work closely with your lawyer and the buyer’s agent to ensure everything stays on schedule.
- Problem-Solving: If any challenges arise, I’ll handle them quickly and professionally.
Conclusion
Hi, I’m Ben, Your Local Sault Ste. Marie Realtor and I’ve Been Where You Are.
Selling your home is more than just a transaction—it’s a big step filled with important decisions and exciting opportunities for what’s next.
With my expertise in the Sault Ste. Marie market, I’ll provide the guidance, strategies, and tools you need to sell your home confidently and successfully.
Ready to take the next step? Let’s get started today!
How It Works
Click the message icon in the bottom right corner to talk to me directly or book a free consultation with me below to discuss your home-selling needs.
I’ll design a marketing plan to showcase your home effectively, find serious buyers, and sell it as quickly as possible for the price you’re looking for.
You’ll feel proud of the results, confident in the process, and excited to move forward, knowing your home sold for what it’s truly worth.
Ready to Get Started?
If you’re ready to take the next step and sell your home in Sault Ste. Marie, book a free seller consultation today. We’ll talk about your home, the local market, and how to create a plan that helps you sell quickly and for the best price.
If you have a question you want answered right away click the blue message icon in the bottom right corner and send me a direct message or text me at 705-255-4227 so I can respond as soon as possible.