Q) What is a Pre-Occupancy Inspection?
A) This inspection is to allow you to review and confirm that your new home is completed and satisfactory. If any deficiencies are noted, we can discuss how they will be rectified. We will also review the warranty so you know who to contact with concerns after you have moved in. The other purpose of this inspection is to give you an orientation on your new home and all of its features. We want to make sure you understand everything there is to know about your new home so you are comfortable after you move in. This inspection can be several hours long. While it is an exciting time and you may want to share the experience with friends and family, we ask that only home buyers attend the inspection as there is a lot to focus on and we need your undivided attention.
Q) What is involved with the Final Closing Paperwork?
A) There are a few different aspects involved in the closing of your new home. The first step will be to confirm your mortgage and have the mortgage instructions sent to your lawyer. The mortgage instructions provide the lawyer with the information surrounding the mortgage holders, amount, and date the funds should be advanced. On some occasions, your mortgage lender may require to have an appraisal completed on the property before they are able to send the instructions. If this is the case, you can provide the contact information for the show home and they will be able to provide access to your home.
The next step will be to sign the final paperwork with your lawyer. You will have received a Preliminary Statement of Adjustments (approximately 1 week after receiving your possession letter), which is the amount due to the builder. This does not include interest, taxes, or any other fees as determined by your lawyer. Therefore, the final version of this document will be completed by your lawyer and will take all adjustments into account, such as community association fees, property taxes, etc. These adjustments make sure that you are only paying for these items for the time you are actually living in the home. Any questions regarding this statement should be directed to your lawyer, as we do not have access to that information.
Once your mortgage has been advanced and the paperwork has been signed with the lawyer all you have to do is wait until possession day!
Q) What happens at the Key Turnover?
A) On possession day you will have a shorter walkthrough of your home. Any defects that were located on your Pre-Occupancy Inspection will be reviewed to determine if any return trips will be necessary.
Q) Why isn’t my possession time pre-scheduled?
A) We are unable to provide a scheduled time ahead of possession because we have to wait for the confirmation that all of the necessary paperwork has been completed and that the funds have been advanced. Your time is important to us and we want to ensure they everything is taken care of before we schedule the key turnover. When everything is said and done, you will receive a phone call on the day of your possession to notify you of the time you will meet the site supervisor at your new home to receive your keys.
Q) What other items are important to prepare for?
A) You will want to be sure that you have taken the proper preparations to make your move smoothly. Below is a checklist of common items required to be taken care of prior to a move:
- Make arrangements for a mover
- Make arrangements for school transfers
- Notify utility providers when to stop billing for your current address and when to start for your new home
- Make arrangements to insurance coverage for your new home
- Redirect your mail with Canada post https://www.canadapost.ca/cpo/mc/personal/productsservices/receive/coapermanent.jsf?ssl=1
Notify all important service providers of your address change: Health benefits, Insurance, Banking, Magazine subscriptions etc.
