Navigating Your Next Chapter: A Guide for Home Sellers in Ontario

Selling your home is a major milestone, and having a clear roadmap can make the process much smoother. Here are some of the most common questions I receive from clients as they prepare to transition to their next property.

Closing Day: What to Expect

On the big day, the transfer of funds typically occurs in the mid to late afternoon. Once your lawyer confirms they have received the money, they will authorize the buyer’s lawyer to release the keys. You are required to vacate the property once those funds are received and the keys are handed over.

Understanding the Offer Process

When you receive an offer, you have three primary paths to take:

• Accept: Agree to the terms as presented.

• Reject: Decline the offer if it doesn’t meet your needs.

• Counteroffer: Propose new terms, which then becomes your offer to the buyer.

Most offers come with conditions, such as the buyer securing financing, completing a home inspection, or selling their current home. The contract is finalized once the buyer waives these conditions or provides a notice of fulfillment.

Preparing for the Handover

To ensure a seamless transition for the new owners, please ensure you leave the following items:

• Manuals & Remotes: Instructions for appliances and remotes for garage doors, fireplaces, or ceiling fans.

• Access: All keys (including spares) and any necessary access cards.

• Mail: Information regarding the location of community mailboxes.

Budgeting Beyond Commission

While real estate commissions are a primary consideration, don’t forget to budget for:

• Legal Fees: Generally between $1,500 and $2,000.

• HST: This applies to both commissions and legal fees.

• Utilities & Rentals: Account for disconnection fees and any service agreements for equipment like water heaters or softeners.