SELLING A PROPERTY
- Review and complete the draft deed which formally transfers the property from you to the purchaser.
- Prepare the statement of adjustments for the purchaser’s lawyer. The purpose of the statement of adjustments is to calculate the precise amount that will be owed at closing. Adjustments will be made for the various payments that affect your property, including taxes.
- Write to your mortgage company to determine the exact amount owing on the date of closing.
- Prepare and electronically register the necessary discharge of mortgage.
- Perform a search of the property. This outlines any existing mortgages and other instruments which are registered on the property.
- Answer the letter of requisition from the purchaser’s lawyer and discuss with you any potential problems that could delay the closing.
- Oversee the execution of all the necessary documents.
- Instruct the purchaser’s lawyer on how to transfer the funds from the sale. In most circumstances, separate cheques are requested and made payable to your mortgage company, our firm in trust and you.
- Payout the mortgage, the real estate commission, outstanding property taxes, utilities, etc.
- After closing, advise the Municipal Services of the change in ownership of the property.
- Report to you.