Closing, Taking Over Operations and Exiting

Before closing

• · Finalize financing and appraisal
• · Complete all due diligence and condition reviews
• · Confirm insurance is bound for the closing date
• · Reconcile rent, deposits and utility adjustments with your lawyer
• · Arrange utility transfers and property access
• · Plan the first repairs and turnover work

After closing

• · Notify tenants of the new ownership and payment details as your lawyer advises
• · Set up rent collection, bookkeeping and a maintenance contact process
• · Complete safety checks — smoke and carbon-monoxide alarms, locks, exits
• · Document the condition of every unit and common area
• · Schedule preventative maintenance for the first year

Do not spend the reserve on closing day. The property can require repairs, turnover work or emergency service immediately after purchase. Keep a separate operating cushion.

Selling an investment property

Your exit strategy begins before the purchase. A property that is difficult to finance, insure, document or show may also be difficult to sell. Keep leases, permits, invoices, tax records and capital-improvement documentation organized from day one.

A strong Guelph investment listing explains what is documented, what the property earns, what it costs to operate and what remains for a buyer to investigate. Verified numbers sell for more than optimistic ones.

A good investment begins with better questions. This guide is educational only and is not legal, tax, accounting, mortgage, appraisal, engineering, planning, building-code, fire-code or insurance advice.