IF YOU ARE SELLING A RESIDENCE
Payment to You of Proceeds After Closing
Typically, the net sale proceeds are available by certified cheque payable to the registered owners at about 5:30 pm on the day of closing your sale.
Appointment in the Law Office Prior to Closing
You will typically be contacted about two days prior to closing for an appointment to sign the closing documents at the law office. Please be prepared to leave at least one key for the sold property with this office at that time.
Utilities, Cable T.V. and Moving Checklist
You must notify (prior to closing) all applicable departments concerned to confirm arrangements for making final meter readings. Any such meters will be read on the date for completing the sale so that you will only be responsible for payment of utility accounts up to the date of closing. If you have cable television, please advise the cable company of your move. You must also arrange for telephone service to be disconnected.
Installment Payments due Prior to Closing and Postdated Cheques
Please note that any property tax, common expense, or mortgage payments falling due on a date prior to the closing date must be paid by you before closing. Any necessary adjustments will be made by the lawyers office on closing for any prepaid payments that cover a time period beyond closing. It is your responsibility as a vendor to make certain that any such pre-authorized chequing plans or post-dated cheques are stopped at your bank for any payments falling due after the closing date for items such as property tax payments or common area expenses.
Documents Required by the Law Office to Finalize Processing of File for Closing
- The following items must be provided to the law office as soon as possible so that we can prepare the file for closing in advance of the closing date:
- Copy of Transfer/Deed (which is the ownership document to be found in your legal documents which you would have received when you purchased the property);
- Details of any existing mortgages, including:
- Name of mortgage company
- Address and telephone number
- Mortgage account reference number (if applicable)
- Current year’s realty tax bills (including any existing property tax bill and any future bill received prior to closing) as well as details of payments being made by you prior to closing date.
- Copy of survey (if property is not a condominium);