Key Steps To Closing The Sale Of Your Home
Aug 30, 2018
Aug 30, 2018
While you’re packing and preparing to move, here are some key steps to consider as you prepare for the sale of your home.
First of all, you’ll need to select a lawyer or notary to help you complete the sale. We can provide recommendations, and provide the lawyer with a signed copy of the contract.
As closing day nears, we along with your lender will monitor the progress of your transaction to ensure there are no last minute issues and concerns.You will need to arrange to meet with your legal counsel before the completion date to review and sign documents. Remember to bring photo identification and a personal cheque to this meeting to pay for legal costs.
On completion day, legal ownership of your property will be transferred to the buyer.Your lawyer or notary will receive funds for the sale from the buyer’s lawyer or notary, and your lawyer or notary will provide you with a statement of adjustments.This list itemizes all costs payable at completion, including legal fees, taxes and other completion costs. Finally, funds will be used to discharge your mortgage, if applicable, with any remaining proceeds transferred to you in the form of a bank draft.
Closing costs associated with selling a home include adjustments, real estate commission, mortgage discharge fee, capital gains tax (if applicable) and legal fees.
On possession day, we will help you coordinate the handing over of keys to the buyer.
As you draw closer to the close, you’ll need to account for associated costs as well: