(a) Payment to You of
Proceeds After Closing and Spousal Consent
Please be aware
that, typically, the net sale proceeds are available by certified cheque
payable to the registered owners at about 1 pm on the business day after closing your sale. Should a purchaser's deposit, which
is being held by the realtor (in trust) until the sale closes, be greater
than the realtor's commission (plus G.S.T.), any excess funds from such
deposit will be refunded to you directly from the realtor after
the transaction is completed. Be aware that in cases
where a power of attorney is being used to complete a sale, the net sale
proceeds will still be payable to the registered owner(s) and not
to the person holding the power of attorney.
If two or more persons are selling a property, we shall require you (prior
to closing) to confirm in writing how the net sale
proceeds are to be payable if you wish separate cheques to each owner/vendor;
otherwise, you will be provided with one certified cheque
for the entire net sale proceeds at about 1 pm on the business day after closing your sale payable to all registered owners.
Should you prefer separate cheques to each owner, you should consider
obtaining independent legal advice before directing our law office
in writing as to how such funds are to be divided.
If ownership
of the sold property is in only one spouse's name but the home has
been a matrimonial home, the other spouse (who is not a registered owner)
must not only attend in our office prior to closing in order
to sign a consent for the sale completion (on the deed to the purchaser)
but also sign a direction that all net sale proceeds are
to be payable to the spouse who is the registered owner (in such an event,
we recommend that the consenting spouse obtain independent legal advice
prior to signing); otherwise, the net sale proceeds will be paid to both
spouses even though one spouse is the registered owner. This
rule only applies to a property that is a matrimonial home and does not
apply to a property that always was an investment, in which event no
spousal consent is required.
b. (b)
Cancellation of Your Existing Fire Insurance and Vacancy Over 30 Days
Please do NOT make any arrangements
to cancel your fire insurance policy until after you have confirmed
with this office that your sale has, in fact, been completed.
Also be aware that if the property you are selling will be vacant
for more than 30 days before the closing date (or any extended closing
date), you must advise the fire insurance company to cover the increased
risk due to any vacancy prior to closing.
(c)
Appointment in the Law Office Prior to Closing
You will be contacted about TWO DAYS
prior to closing for an appointment to sign the closing documents in
the law office (evening and Saturday hours are available).
Please be prepared to leave at least one key for the sold
property with this office at that time. AT THE TIME OF OUR
MEETING TO SIGN THE CLOSING DOCUMENTS, PLEASE BE PREPARED (UPON ARRIVAL
IN OUR OFFICE) TO SHOW THE RECEPTIONIST YOUR PERSONAL UNEXPIRED PHOTO IDENTIFICATION
WHICH WILL BE PHOTOCOPIED FOR OUR FILE RECORDS. THIS PROCEDURE
IS NOW REQUIRED PRIOR TO FINALIZING EACH AND EVERY TRANSACTION PROCESSED
BY OUR OFFICE.
If you are coming to the office for an appointment to sign in the evening
or on a Saturday and, if you have difficulty speaking English, you must
bring an interpreter with you. If you are relying upon our
office to provide an interpreter for normal daytime office hours, please
confirm (at the time the closing appointment is arranged) that our office
interpreter will be available; otherwise, you should arrange for your
own interpreter (perhaps your real estate agent) to attend with you
in our law office for the closing appointment.
(d)
If Power of Attorney is being Used for Closing
If you are completing the sale by using
a power of attorney authorizing another person to sign closing documents
for you, all net sale proceeds will still be payable to ONLY
the registered owner(s).
Any power of attorney being used for
closing, must be arranged well before closing. Click here for FREE POWER OF ATTORNEY.
(e) If the Seller is a Non-Resident
of Canada
If at the time of closing, you will not
be a Canadian resident, please contact our office to discuss the sale
processing for non-residents.
(f)
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 your property is in the CITY OF TORONTO
and if you have NO water meter because you are on a flat rate payable
every 6 months, you must immediately advise our office regarding
your prepaid water so that the proper adjustment for prepayment can
be made.
If you have cable television, please
advise the cable company of your move. You must also arrange for
telephone service to be disconnected.
If the residence being sold by you is heated by oil, you must
inform us in writing and arrange to fill the fuel oil tank as of the
date of closing and to pay the cost of filling the tank at that time.
A copy of the final fill receipt should be given to our law office when
signing your final papers prior to closing. On closing,
as indicated in the Statement of Adjustments which we shall prepare,
you will be given credit for a full tank of fuel oil. If
a full tank is not provided, a dispute might arise as to the actual
amount of fuel oil in the tank on closing; by filling the fuel
oil tank on closing, such a dispute can be avoided.
For a moving checklist, please click here.
(g)
Instalment 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 OUR OFFICE ON CLOSING FOR
ANY PREPAID PAYMENTS THAT COVER A TIME PERIOD BEYOND CLOSING.
WARNING REGARDING CANCELLATION
OF AUTO PAY OR PRE- AUTHORIZED CHEQUING PLANS
OR POST-DATED CHEQUES: 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.
(h) Documents Required by the
Law Office to Finalize Processing of File for Closing
The following items must be provided
to the Law Office by fax or by mail or by delivering photocopies (which
our reception can make for you at no cost to you) to our 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. (We
also require total amount of property taxes paid for the prior year.)
- Copy of survey (if property is not a condominium);
- Your forwarding address and future telephone number (if available) after
closing your sale.
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