Guide to SELLING Your Home

      The Intricacies of The Transaction

You, the seller, should provide your lawyer immediately with;

• The Agreement of Purchase and Sale
• The Deed for the property
• The Survey for the property
• The names and addresses of all mortgagees and lien holders
• A key to transfer with the Deed
• A bank account number for deposit of the proceeds of the sale or confirmation of pick-up
• Your forwarding address and phone number
• You should also provide confirmation;
• That you have not subdivided your property or granted licenses or rights of way affecting your property
• That your oil tank will be topped off and that you will provide a receipt upon closing
• Of the HST status of the property
• Of the date and time you wish to close
• Of your marital status
• Of the date and time you wish to deliver vacant possession
• That the municipal taxes have been paid
• That there are no municipal betterment charges outstanding
• That the furnace and hot water heater are owned or rented
• That you are considered a resident of Canada under the Income Tax Act which imposes certain restrictions on non-residents of Canada selling property

Your lawyer will deliver the required information to the buyer's lawyer and the buyer's title search will be started. Your lawyer will deal directly with the mortgage company if there is a mortgage on your property. They will also contact the municipal tax office to obtain the up to date tax information. If the property being sold is a condominium, they will contact the condominium corporation to receive an estoppel certificate. Upon completion of the title search, they will prepare the deed in accordance with the instructions from the buyer's solicitor.

Your lawyer will arrange to transfer the deed and the keys to the buyer's lawyer in return for the agreed upon amount of money. This money will be transferred to your lawyer's firm by lawyer's trust cheque or certified cheque, so there is no need for you to fear that the cheque will not clear the bank.

The real estate commission, mortgages, encumbrances, disbursements, and legal fees will be deducted from the funds received and these amounts will be paid out by your lawyer's office. They will issue a cheque to you, the seller, for the remaining amount.

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