We`ve Exchanged Contracts Now What

Congratulations! You’ve exchanged contracts on your property purchase or sale. This is a significant milestone in the process, but it’s important to know that there are still a few steps to take before closing the deal.

Here are some things to consider now that the contracts have been exchanged:

1. Finalize financing: If you are purchasing a property, you need to ensure that you have the necessary financing in place to complete the purchase. Speak with your mortgage broker or lender to ensure everything is in order.

2. Schedule a final walk-through: Before closing, schedule a final walk-through to make sure the property is in the condition you expect it to be in. This is also a good time to ensure that any agreed-upon repairs or changes have been completed.

3. Prepare for closing: You’ll need to prepare for closing by arranging for insurance, submitting any necessary paperwork, and making sure that you have the funds required for settlement.

4. Attend the closing: On the day of closing, you will need to attend the settlement meeting with your lawyer or conveyancer. At the closing, you will sign the final paperwork and transfer funds.

5. Post-closing tasks: After closing, make sure to update your insurance and ensure that all utilities and services are transferred into your name. You may also need to arrange for a move-in date and hire movers.

Overall, the exchange of contracts is a significant step towards completing your property purchase or sale. However, it’s important to remember that there are still several steps to take before the deal is finalized. Be sure to stay organized, keep in contact with your legal and financial advisors, and follow through on any outstanding tasks in a timely manner. With a little diligence, you’ll soon be ready to move into your new home or enjoy the rewards of your sale.