1. Contact RealProperty Transaction Centres Inc.
By calling RealProperty and retaining one of our network Real Estate Lawyers you will receive legal advice and guidance from the start. We strongly recommend you speak with and have all agreements reviewed by your Lawyer before you finalize your transaction.
2. Conditions within the Agreement
Usual conditions within the agreement are for the protection and benefit of the buyers. These conditions involve mortgage financing, a home inspection or the sale of the buyer's property. If not fulfilled and waived by the buyer within the allotted time cancels the agreement. Releases must be signed and the buyer's deposit is returned to them in full.
3. Tenanted Properties
Selling tenanted properties requires extra care. Proper notice on a proper form must be given to the tenants in order to insure vacant possession. If the tenant is being assumed by the next owner, the rented premises must be legally registered with the municipality. If not, you're Real Estate Representative and Lawyer can not become involved in any way with the tenancy issues. Make sure the tenant signs an agreement to terminate tenancy and vacates prior to the closing.
4. Property Taxes, Condominium Fees and Utilities
In order to expedite the closing of your sale you will have to provide the most up to date paid receipts for property taxes, condo fees (if condo) and all utilities (gas, hydro & water). If your taxes are paid with your mortgage payment we will need a copy of your mortgage statement. If your home is heated with oil or propane it is your responsibility to have the tank filled just prior to closing, pay the bill, and fax a copy to us so that you receive a credit for the cost of a full tank of fuel on closing. Although, as a courtesy, we fax the various utilities written requests on your behalf where permitted, you should also phone and verify that the utility companies have scheduled final meter readings on the day of closing and they have a forwarding address to send your Final Bills. Should we have to payout arrears or hold back funds then there will be additional costs incurred.
5. Mortgages, Lines of Credit etc.
Please provide the latest statements for all mortgages, lines of credit, etc. We have to order discharge statements from the lenders for all mortgages or lines registered against the property and pay them out in order to complete the transaction.
6. Building Permits, Work Orders, and Approvals
Problems sometimes arise when the purchaser's Lawyer's search uncovers outstanding building permits regarding the house, garage, shed, pool , deck etc. this happens when a permit is applied for , but the final inspections are not performed or approved by the municipality, if you have ever obtained a permit of an kind for construction on your property, make sure that the final inspections were performed and the necessary clearances given.
7. Home (FIRE) Insurance (CAUTION)
"DO NOT" CANCEL, the home insurance on the house you are selling until we confirm that the transaction is closed and registered! Automatically canceling the insurance can lead to terrible consequences if your transaction does not close on the appointed day.
8. Arrange Your Move
Whether you plan to hire a move or rent a moving truck, you should make arrangements to do so as soon as possible. Unless the agreement of purchase and sale provides otherwise, you are required to give vacant possession of the premises at the time of closing. The purchasers are entitled to insist that the premises be vacant at the time the funds are exchanged and title documents registered. You should make every effort to be completely moved out of the house you are selling by approx 2:00pm the day of closing. Although every effort is made to arrange closings as early as possible, you should be aware that it is unlikely that your sale will close earlier than the middle of the afternoon and on busy closing days usually not until , 5:00pm to 6:00pm the day of closing.
9. Document Execution
Your Lawyer will contact you 4 to 5 days before closing, to arrange a convenient time to sign all the documents required for closing. Please make every effort to meet with the Lawyer at the earliest possible appointment. Most of our Lawyers will even meet with you and all the parties on title or consenting spouses at your home or office. There is an extra $100.00 fee for this service and should be requested at the time you confirm representation.
10. The Keys
The buyers are entitle to ALL the keys, garage door openers and parking garage access cards etc. upon exchange of money and registration. Please make sure you provide the keys to the Lawyer at signup or leave all keys, openers, and access devices in the premises on the kitchen counter.
