Your negotiations were a success. Before your house is truly sold, it's time for the vital final steps known as "closing". Your REALTOR® and lawyer will take care of all complicated and time-consuming legal maneuvers.

FINTRAC

By the time you accept an offer, your REALTOR® will also advise you of reporting requirements by FINTRAC, the federal agency responsible for administering Canada's Money Laundering and Terrorist Financing legislation and regulations.

Your REALTOR® is required by federal law to complete a client identification form and must ask you as the seller for verified ID such as a driver's license or passport.

Here are some important steps you don't want to miss:

• Your lawyer will be advised that an agreement has been signed. Make sure your lawyer is ready to close the transaction.
• Immediately begin satisfying any conditions of the agreement requiring action on your part before the set date of completion.
• Notify your lawyer and lending institution if the buyer is assuming your mortgage.
• Contact the utilities, telephone and cable companies about transferring or removing service. Your lawyer will often handle the transfer of utilities.
• Call your insurance agent and arrange cancellation or transfer of your homeowner's insurance.
• Contact a moving company to arrange your move on or prior to closing date. Send out your change of address notices and advise the post office.
• Notify the Ministry of Transportation about your new address for driver's license and registration.
• Notify your REALTOR® immediately if anything changes about your property or your situation.

Contact with your lawyer

• If you plan to "discharge" or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you'll have to pay to discharge the mortgage.
• A few days before closing, your lawyer will ask you to sign the paperwork enabling the title to be transferred to the buyer.
• On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds.