SALE TRANSACTION INFORMATION

What the client does:

• Contact all utilities, cable, and telephone companies to cancel and obtain final meter readings and to provide them with your forwarding address for the final billing;
• Cancel house insurance;
• Cancel any contract services (for example, alarm systems, newspapers, snow removal and/or other contract services);
• Inform our office of any mortgages that you have on the property;
• Inform us of any potential problems such as Court judgments on title, matrimonial separation, tax arrears, shortage of funds to pay mortgage(s), house problems, etc;

What our office does:

• Review the Agreement of Purchase and Sale;
• Preparation of usual documents for the closing of the transaction;
• Obtain figures of any outstanding amounts on any mortgage(s) and arrange for payment of these from sale proceeds;
• Meet with you for final signatures;
• Arrange for distribution of proceeds;
• Provide final reporting letter; and,
• Ensure all liens and encumbrances are deleted from title after closing.

APPOINTMENT FOR SIGNATURES AND CLOSING DAY

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.

At this time, we will require one set of keys to your property and a VOID cheque if you would like the sale proceeds automatically deposited into your bank account. Please ensure that all other keys, garage door openers, warranties, manuals, and any other useful information is left in a convenient, visible location for the Purchasers.

Funds will not be available at the appointment. Once the documents are signed, we will await funds from the other lawyer. Once we have received funds, we shall forward keys to the other lawyer’s office. Once we have been advised that keys have been received and the sale has been registered, we are free to release funds to you. We will deliver all mortgage proceeds and real estate commission directly. The purchaser has until 5:00 p.m. to deliver closing funds to our office, and for that reason, we cannot guarantee funds until that time. Also for that reason, when paying out mortgages, we always include interest to the next business day (to Monday if closing on a Friday) to ensure that there is no shortfall in the payment of the mortgage.

Please note that we strongly suggest that clients consider a bridge financing loan rather than a same-day closing when selling and purchasing a home.