Closing The Sale
Closing the sale of your home is best done with your real estate lawyer also present. Your solicitor will review and execute all legal documents on closing day, also facilitating the exchange of documents and funds. Your lawyer will also act as an intermediary in delivering your house keys to the buyer’s agent or lawyer.
In addition, your lawyer will also:
- Review the offer after it is executed.
- Review, analyze, discuss and respond to any buyer requests.
- Receive and act on your instructions in regards to selling your property or discharging your current mortgage.
- Statement of Adjustments preparation.
- Transfer or Deed drafting.
- Prepare supporting documentation.
- Request a mortgage discharge statement on your home.
- Execute all sale documents on closing day.
- Oversee the exchange of funds and documents.
- Discharge the executed mortgage at the registry office on your behalf.
- Deliver commissions to your realtor.
- Conduct correspondence between all parties involved in the sale of your home.
You will need to provide the following:
- Deed or land transfer document.
- Property survey.
- Keys to your property.
- Agreement of Purchase & Sale.
- New forwarding address.
- Your contact information – detailed name, address and phone number.
- Your mortgage, financing and bank information.
- Contact information of the buyers representative.
- Photocopies of recent property tax bill, cable bill, hydro bill, gas bill etc.
You will be notified by your lawyer once the sale of your property is officially closed. This is when the funds, documents and keys have been exchanged and the title is registered to the buyer.
Congratulations! Your home has been sold!
It is recommended for buyers and sellers to maintain a working relationship on good terms. We always advise both parties to remain flexible to each others needs and wants because even though the buyer is obligated to close the sale – a good relationship is always preferable. Try to remain flexible in regards to access visits and consider any offers form the buyer to purchase additional furnishings or other items currently in the home. Respect the buyers time and allow us to respond to any requests in a timely manner. This way the process of selling your home will conclude not only smoother but quicker as well.
What You Can Do To Help Your Buyer:
- When you move out – don’t leave a mess. Sellers should always keep their home in what is called “broom swept” condition. This applies to all areas of the home, even the basement, attic, garage, yard and closets. Along the same line, please have the home cleared out before the date the buyer will move in.
- Create a folder for old warranty papers, receipts or contract documents that apply to appliances or systems in your house. The buyer may need these documents down the road and will thank you for providing them.
- Leave the buyer any extra keys you have that unlock any area on your property. These could be spare front door keys, garage keys or side door keys. This also includes garage door openers or codes to security systems that may have been installed on the property.