Our experienced team acts for clients with respect to their residential and commercial properties. This includes individual and corporate vendors and purchasers, lenders, and developers. We strive to get our clients into their new home or to sell their property with minimum hassle or delays. We understand that purchasing and or selling your property can be extremely stressful. Often times, clients are unaware of the steps and procedures that need to be taken. The chart below gives you a brief summary of the steps and procedures in purchasing and selling your property.
Purchase | Sale |
· Reviewing the Agreement of Purchase and Sale (APS), noting any deadlines to insure the deal proceeds as scheduled; · Complete and review the title search; · Request for other searches (i.e. tax arrears, common expenses, zoning, etc.); · Request information regarding satisfaction of conditions (i.e. certificates or invoices to show repair work completed, septic permit); · Prepare and send requisition letter and draft documents for sellers review; · Discuss title insurance and other options with clients; · Request and obtain title insurance or provide an opinion on title; · Review Transfer and draft documents, including Statement of Adjustments prepared by the seller’s lawyer; · Prepare draft Charge as instructed by Lender (the banks) for review and execution by client; · Meet with client for review and execution of closing documents and obtain remaining closing funds; · Deposit mortgage funds and rest of closing funds in trust; · Receive closing package from seller’s lawyer, including keys; · Register Transfer and Charge once released from the seller’s lawyer; · Let client know that the transaction is completed and that keys are available for pick up; · Advise municipality of change in ownership; · Report to clients; · Report to Lender; · Follow-up with seller’s lawyer for completion of undertakings. | · Review the Agreement of Purchase and Sale and note any deadlines to insure the deal proceeds as scheduled; · Obtain and review parcel register; · Obtain property tax information from client or from City; · Receive, review and respond to requisitions, follow up with clients regarding conditions that are required to be executed prior to closing; · Request mortgage pay out statement if there is a mortgage; · Provide draft documents, including Statement of Adjustments, to seller’s lawyer for their review; · Meet with the clients for review and execution of closing documents and obtain keys from clients; · Deliver closing package to the purchaser’s lawyer, including the keys; · Receive closing funds from purchaser’s lawyer; · Release the transfer and confirm with purchaser’s lawyer that the transaction is completed; · Prepare certified cheques to pay out existing Mortgage and any other liens or encumbrances required to be discharged on closing; · Payment of existing Mortgage in order to discharge the existing Charge (or mortgage) as well as of any other liens or encumbrances required to be paid; · Prepare payment for and deliver payment of real estate commissions owed; · Pay out closing proceeds as directed by the clients; · Report to client; · Ensure discharge of existing mortgage is registered; · Provide confirmation to purchaser’s lawyer that all undertakings have been fulfilled. |
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