PURCHASE TRANSACTION INFORMATION

What the client does:

• Provides a copy of the Agreement of Purchase and Sale. Have your real estate agent and/or builder sales representative fax the Agreement of Purchase and Sale to our office in time for us to perform the title search before the Title Search Date has passed.
• Arrange mortgage financing, if required, and advise the lending institution to send all mortgage documents to our office. Please advise us as to the lender you have selected as soon as the lender is known.
• Contact our office and advise us as to whom will be on title and provide the dates of birth and marital status for each owner.
• Arrange for home insurance. Please advise your insurance agent or broker to fax an insurance binder to our office prior to closing.
• Contact utilities. While our office will notify the municipal tax department, water department, natural gas and hydro utilities of the ownership change, we encourage the clients to also contact them to supply any information they may need or to arrange special payment programs (i.e. automatic bank withdrawal).
• Well and/or septic. If the property is serviced by a well and/or a septic system, you will need to provide a water potability certificate and a septic certificate.
• Powers of Attorney. In the event that you will be unavailable to sign your final documents and you wish to designate either Marc Coderre or another party to sign on your behalf. We do not charge a fee for this service; however, there may be disbursements incurred by the registration of the Power of Attorney.

What our office does:

• Review the Agreement of Purchase and Sale;
• Obtain and review search of title and off-title searches;
• Obtain title insurance, if applicable;
• Prepare the necessary closing documents including mortgage documents;
• Notify municipal taxes, water, hydro, and gas of change of ownership;
• Meet with clients for final signatures;
• Advise of monetary requirements;
• Provide a final reporting letter; and,
• Ensure all encumbrances are deleted from title after closing.

APPOINTMENT FOR EXECUTION OF DOCUMENTS

Generally, our office will contact you three to four days prior to closing to arrange for an appointment to meet with you to review your file and sign your final documents. The appointments are scheduled for the day prior or the morning of closing, as we are not in possession of all the required information prior to that time. When we schedule the appointment we will advise you of the balance due on closing. The balance due on closing MUST be brought to our office by way of a certified cheque or bank draft.

Keys will not be available at the appointment. Once the documents are signed, we must deposit your funds, together with the mortgage funds, if applicable, to our trust account, and issue certified funds to the other lawyer. We must deliver those funds to the other lawyer’s office. Once the other lawyer has received our funds, he will then forward keys to our office and we shall proceed to close the transaction. For this reason, we cannot guarantee keys prior to 5:00 p.m., however, in many cases, keys do become available before 5:00 p.m.

MOVING

Due to the fact that we cannot guarantee keys prior to 5 p.m., we suggest that clients not make same-day moving arrangements or delivery arrangements. In addition, we strongly suggest that clients consider a bridge financing loan rather than a same-day closing when selling and purchasing a home.