SALE OF YOUR HOME
As your solicitor, we will:
- Review your agreement of purchase and sale.
- Request certain documentation from you to enable us to prepare all sale documents, including Statement of Adjustments, Transfer/Deed of Land, etc.
- Request a discharge statement from your Lender/Mortgage Company/Line of Credit mortgage (Bank), if applicable and review the statement with you prior to closing. Immediately after closing, deliver to your Mortgage Company, the required monies from the sale proceeds to pay off and discharge your existing mortgage. Obtain and register a Discharge of the Mortgage, duly signed by your mortgagee, at the Registry Office.
- Obtain a commission statement from your real estate agent and review the statement with you prior to closing. Immediately after closing, from your sale proceeds, we will provide your agent with a cheque to pay their real estate commission OR request the real estate agent deduct from the deposit monies paid by the Purchaser/Buyer, their real estate commission and forward to you their cheque for the balance of the deposit monies. Please note, the deposit monies paid by the Purchaser/Buyer is usually paid to and held by the Vendor's real estate agent. The deposit monies are then applied towards payment of their real estate commission.
- Discuss with you our legal fees and disbursements in connection with your sale transaction.
- Resolve any title problems that may be presented to us by the Purchaser/Buyer's solicitor as a result of their search of title and subsequent letter of requisitions.
- Remind you to arrange for final meter readings by the various utility departments, namely, gas, hydro and water. You may be required to contact them prior to your closing date, to arrange for their entry into your home the day before closing to read your meters.
- Remind you to contact your insurance agent to cancel your existing house insurance policy OR to transfer the house insurance policy to your new home, if applicable.
- Provide you with our Trust Ledger Statement and Account as a full accounting of all monies received on your behalf from the Purchaser/Buyer and all monies paid on your behalf to pay your real estate commission, existing mortgages to be discharged, any outstanding taxes, any outstanding condominium common expenses, etc., as may be applicable to your sale transaction.
PLEASE NOTE: As a Vendor/Seller, you are required to pay all mortgage payments, realty taxes, and condominium common expenses due and owing prior to the date of closing.
