When purchasing a property, one of the more unusual challenges is determining when to move utilities into your name. I’m going to follow the proper procedure here because we’re a real estate company in St. Louis, MO. Due to tradition, things may be different in your state or area, so make sure you ask your real estate agent for more information. Congratulations on getting this far in the deal if they don’t know anything about utility transfers!
When buying a property, about a week before closing, is the optimum time to transfer utilities into your name.
By then, the seller will have alerted the utilities of their impending move and will have demanded a final bill.
This should make things a lot easier.
What should you do before closing on a house?
Review the following checklist before closing day to ensure you have everything you need to make the closing process run as smoothly as possible.
- Please make contact with the closing agent.
- Prepare for your closure by reviewing your closing documents ahead of time.
- Examine the fundamentals.
- Examine the responsibilities of the seller.
- Be prepared to make a payment.
- Last but not least, here’s a recommendation.
In Ontario, how do I set up utilities?
To begin, you must contact your current utility provider to cancel service at your previous address. Disconnecting service from any utility requires at least five days’ notice, so don’t wait until the last minute. It’s best to give yourself a week or two’s notice. You should be able to reach out to your utility by email or phone.
Your account number, which can be found on your energy and natural gas bills, is required. You’ll also need to call an electricity or natural gas retailer if you have a contract with them. Give your retail provider at least two weeks’ notice if possible. If they are unable to serve you at your new address, they will transfer your service or cancel your contract.
Hire a moving company
Whether you’re hiring movers or attempting to do it yourself, now is the time to compare prices.” According to Yawar Charlie, an estate director with the Aaron Kirman Group in Los Angeles, “you want to receive a couple of bids from moving companies.” Examine the quantity of movers engaged, the services provided, the projected time of completion, and other aspects that will impact moving day. But keep in mind that it’s not all about the cash.” Charlie advises choosing the person who will take care of your belongings during the transfer.
Change your address
“As soon as you close,” Kendrick advises, begin the process of changing your address. Switch your driver’s license address by completing an official change-of-address form with USPS. It’s critical now because, rather of going to the store, most people order what they need, according to Kendrick. “Don’t forget your subscription firms, as well as newspapers, subscription boxes, financial entities, and your children’s school,” says the author.
Contact your internet and utility companies
“Once the property is in your name, double-check that all utilities have been turned over to your name,” Charlie advises. Electricity, gas, water, heat, and the internet are all included. Some of these may necessitate a service call. “With the epidemic, it could take a while,” says the author. “You don’t want to be without internet for two weeks,” Charlie says.
What occurs two weeks before a house closes?
Immediately after the final contract is accepted:
- Provide a copy of the contract as well as the earnest money receipt to your lender.
- Examine your alternatives for securing a low interest rate.
It’s crucial to get pre-qualified before you start looking for a house because you usually only have five days after the signing of the contract to apply for a mortgage loan. To avoid a closing delay, provide your loan officer with all of the supporting documentation they want as soon as feasible.
Within three business days of receiving your mortgage application and property address, your lender is required by law to give you with your Loan Estimate and other related disclosures. The Loan Estimate summarizes key details regarding the loan you applied for, such as the projected interest rate, monthly payment, and total closing expenses.
This is the quickest and most efficient way to get your Loan Estimate if you and your lender have agreed to accept it electronically and e-sign it by email.
It is critical that you view and sign the Loan Estimate and disclosures as soon as possible after getting them, regardless of how you received them.
Next:
- If your contract specifies it, have a house inspection performed.
- Decide whether you want a radon inspection and get it done by a home inspector.
Observations made during the home inspection:
- Take any dimensions you might need for furniture or a window.
- Treatments, appliances, and other items that you may require.
- If requested, take any images of the house.
- Any inquiries you have about the home’s condition or construction should be directed to the home inspector.
One to two weeks after the final contract’s acceptance date:
- Make a list of things highlighted by the house inspector that you want the seller to fix with your real estate agent.
- Make a reservation for a moving truck or a moving service, keeping in mind that they tend to fill up near the end of the month.
- If your home inspection is satisfactory, notify your lender and request an appraisal. We usually wait until you’ve seen the house inspection before ordering an appraisal.
Two weeks before the deadline:
- Check with your lender to see if you need to provide any extra information.
- Start the change of address notification procedure by getting a change of address package from the USPS. Make direct contact with all of your financial accounts to request a change of address, and inquire about a switch or termination with your utility, telephone, internet, cable, and/or satellite companies.
One week before the deadline:
- If you haven’t heard from your lender yet, give them a call to make sure your closure is on track and to confirm the time and place.
- Request certified monies from the proper financial institutions for the closing. Stocks and home equity loans, for example, take three days to clear your bank account.
- Check to see that your homeowner’s insurance agency has presented your lender with the necessary insurance documentation.
Three days before the deadline:
- Verify that any needed repair items from the inspection amendment have been addressed, if relevant.
- A lender is required by law to provide you your Closing Disclosure at least three business days before the scheduled closing date. The Closing Disclosure outlines the final terms of your loan, as well as the final closing expenses and who pays and receives funds at closing. Examine your Closing Disclosure for accuracy to ensure you fully comprehend the facts and that you are receiving any agreed-upon purchase credits.
The day before the closing date:
- You can also ask to see your whole closing package at this time. While your lender will go over each document in your closing package with you during the closing, if you like to study each document in detail, you may want to request the closing package ahead of time.
- Walk through your new home with your real estate agent to ensure that it is in the same condition as it was when it was put under contract.
- Check to see if all of the inspection items have been resolved.
- For closure, receive your certified funds. Personal checks will not be accepted.
Closing Date:
- Each mortgage holder should bring a photo ID.
- Please bring your certified funds with you.
- Bring any additional documentation necessary by your lender.
On the Day of Closing, Here’s a Checklist for Buyers:
You should expect your closing to last about an hour. First, you and your loan officer will go over your loan documentation. Your lender will go over each paperwork with you and answer any questions you may have. Unless you specifically request it, your real estate agent is not required to be present while you evaluate your personal financial information. You may be joined by the sellers and any real estate agents after studying the loan documentation. You’ll be signing documents related to the home acquisition at this stage. This is also a good moment to ask the seller any remaining questions concerning the property that haven’t been addressed yet. The seller will also offer you the keys to your new home as well as garage door openers. For further security, many people have their house locks updated or re-keyed.
What should you avoid doing while buying a home?
5 Things You Shouldn’t Do Before Closing on Your New House (And What You Should!)
- Purchase or lease a used car instead.
- Don’t take out a deferred loan.
- Switching employment is not a good idea.
- Don’t forget to notify your lender if you’ve received a large sum of money.
- Avoid accumulating credit card debt (or Open New Credit Card Accounts)
- Bonus Guidance! Don’t gnaw on your fingernails.
How do you connect a new home to gas and electricity?
It can be difficult to set up gas and electricity for the first time. Here are our simple instructions for installing gas and electricity in your home:
- Find out who is responsible for the property’s energy supply.
- Locate your gas and electric meters.
- Obtain meter readings and call your energy provider.
- Look for the fuse box and the trip switch.
- Look up your meter number.
- Find out what tariff you’re on and how to change it.
- Find a more affordable energy plan.
Find out who your energy supplier is
Before you move in, ask the seller or estate agency (or developer if the house is new construction) who your provider is.
Find your gas and electricity meters
When you first look at a house, take notice of where the meter is located in the kitchen, hallway, or outside (the estate agent should be able to give you all the details).
Take meter readings & contact the energy supplier
It’s critical to collect meter readings and submit them to the supplier once you’ve moved in and discovered your meters. Otherwise, you risk being charged for energy that you haven’t utilized.
Find the fuse box and trip switch
If your power goes out, you’ll need to know where your trip switch is in order to get everything back up and running. A trip is nothing to be concerned about; it’s normally a safeguard to keep you safe if an appliance malfunctions.
It’ll be in or near the fuse box, which is only a few meters away from the electrical meter.
Find your meter number (MPAN)
Meter Point Administration Number (MPAN) for electricity and Meter Point Reference Number (MPRN) for gas are the two types of meter numbers.
The MPAN is a 21-digit number that is unique to your residence. It’s on your bill, and it’s also known as your “supply number.”
Find out what tariff you’re on
It’s best to figure out what tariff you’re on after you know who your energy supplier is. The tariff you’re on will most likely be revealed by the supplier. Switching to a different provider can help you get a better rate.
What are the costs of utilities in Ontario?
Natural gas, oil, or electricity are used to heat most homes (“hydro). Heat, water, and electricity are usually included in the rent in most flats. You must contact the relevant agencies to begin service if you have purchased or rented a home. Natural gas delivery, which is currently a deregulated market, is provided by a number of companies. Providers of natural gas and oil can be discovered in the Yellow Pages. Depending on who supplies electrical service for the property, it is provided by the local energy utility or a unit sub-metering firm. Toronto Hydro is the local power utility in Toronto.
- Consumers Gas by Enbridge
- The Ontario Energy Board is a government agency that regulates the
- The Ontario Energy Board is in charge of the province’s energy sector. The Board ensures that the rules are followed by electricity and natural gas companies.
Is it possible that my loan would be denied at the time of closing?
The quick answer is yes, notwithstanding the rarity. Your lender will update your credit and examine your job status one more after your loan has been deemed “clean to close.” After a month or two has elapsed after you submitted your loan application, the lender will want to make sure you haven’t taken out any other loans or changed jobs. Changes in either of these areas could have an impact on your loan.
If you apply for a mortgage and then use a new credit card to buy furnishings or appliances for your new home, for example, you will increase your debt load and alter your financial profile. It’s possible that you won’t be able to get your new home because of this. Furthermore, if you haven’t paid any monthly payments since applying for your loan, it may affect your credit score and your ability to qualify for the program you applied for.
Before closing, your lender will need to check your employment status. This is usually accomplished by contacting your employer’s Human Resources Department. Your loan could be refused if you resigned or lost your job since your loan was approved. Depending on the sort of loan you have, your loan could be denied or postponed even if you quit your job for a job with equivalent salary.
Organize Your Move In Date
You’ll be able to move on to possession day and obtaining the keys to your new home after completion is complete. Possession can happen at any moment, although it’s most likely at 9 a.m. or 12 p.m., usually 1-3 days after completion.
Refer back to your original contract of purchase and sale to determine your exact move-in date and time, as it will have a stated possession date and time that you are scheduled to receive your keys.
Make sure you understand when you are eligible to receive the keys, and book your movers well ahead of time because they fill up quickly.
If you’re dealing with a strata property, you should give the building two weeks’ notice before moving in and make arrangements for an elevator key to be delivered to you on the day of your move-in.
Several stratas will have restrictions on when you can move in and out of the building, so make sure you’re informed of the rules so you can follow them.
If possible, move in a few days after the possession date to give yourself time to clean, paint, and/or organize your new house before bringing furniture and boxes in. Make sure you’ve thought about the logistics of your move ahead of time.
Strategize Your Overlap
If you’re selling and buying a home at the same time, dates will be crucial.
Many sellers like to have their purchase completed before their sale so that they may gradually transition into their new house before having to leave their present one. This helps them avoid a hasty relocation.
In this instance, the bank will have to accept you for a bridge loan so that you can finish your acquisition before getting the proceeds from your sale. This is something a bank may provide you if you have two firm offers on both your purchase and sale, and you’ll only pay interest for the period you bridge.
If you need to leave your present home before closing on your new one, make sure you have somewhere to stay throughout the changeover. A short-term storage facility can also help alleviate some of the burden.
When do I get the keys after the closing?
So, before you call a moving truck, check with your real estate agent and closing attorney to see when you’ll get the keys.
Unless you’re closing after the Register of Deeds has closed for the day, you should be able to collect your keys on the same day as your closing.
However, it may take a few hours for the Register of Deeds to record the Deed granting you possession of the residence after you sign.
As a result, you might wish to wait a day or two after the closing before moving into your dream home.