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Completing
Your Purchase
The Contract of Purchase and Sale that
you signed will state the completion day
for the transaction. On that day legal
ownership will transfer from you to the
new owner in exchange for the purchase
price of the property.
Do you, as seller, need a lawyer or
notary public to complete the sale?
While it is normal practice for the
buyer’s lawyer or notary public to prepare
the documents necessary to transfer the
legal ownership, it is recommended that
you, as seller, engage legal council to
act solely on your behalf. Among other
things, he or she will protect your
interests by:
| checking the
documents prepared by the buyer’s
lawyer and explaining them to you.
ensuring that your old mortgage has
been properly discharged if this is
required.
ensuring that you have no further
obligation regarding your old mortgage
if the buyer is assuming it.
confirming that all payments for
which you are responsible have been
made.
arranging for you to sign the
transfer documents.
preparing a statement for you
outlining where all the purchase money
was disbursed and giving you a cheque
for the balance. |
What costs can you expect?
In the transfer of ownership, there
will be many financial adjustments between
the seller and the buyer. Some of the
costs you can expect to see deducted from
the purchase price are:
| the commission you
agreed to pay the listing agent.
the legal Fees to discharge any
existing mortgage whether or not you
engage your own lawyer.
the Goods and Services Tax on the
real estate commission and on your
legal fees.
any prepayment penalty levied by
the financial institution for early
pay out of an existing mortgage.
your share of the property taxes
for the year if the current year’s
taxes have not yet been paid, plus any
penalties due for late payment of
unpaid taxes. |
The day has arrived!! You have signed
the documents, packed you boxes, received
your cheque and turned over your keys.
YOUR HOME IS SOLD!
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