When acting on the sale of a property, the seller’s lawyer communicates with the purchaser’s lawyer to ensure that all steps are taken to transfer the property from the seller to the purchaser, the seller’s mortgage is paid out and discharged, commissions are paid and the sale proceeds are released to the seller. The seller’s lawyer will complete the following tasks:
- Receive and review the Agreement of Purchase and Sale.
- Communicate with the seller to obtain all relevant information about the property.
- At the earliest stage possible, the seller should contact their lawyer to review the agreement, discuss information and obtain a quote for the sale fees and costs.
- Communicate with the purchaser’s lawyer.
- Communicate with the Mortgage Company to obtain payout statements for all mortgages/lines of credit registered on the property.
- Preparation of closing documents including the Transfer (deed).
- Ensure that all items registered on title (mortgages, liens, expired agreements) have been removed from title.
- One to four days before closing, the seller will meet with their lawyer to sign all paperwork and provide keys for the house. Sellers should meet with their lawyer when signing final documents. Some law firms allow a legal assistant to meet with the clients to sign final paperwork. We never permit this to occur.
- At the final meeting the seller will provide 1 key to the house. All remaining keys, mail keys, alarm codes, garage door openers, manuals etc. can be left on the kitchen counter when the seller leave the property for the final time.
- The sale will be completed when the purchaser’s lawyer has deposited the purchase money into the seller’s lawyer’s trust account and the transfer (deed) has been registered by the Purchaser’s lawyer.
- The sale will be completed some time between 11:00 a.m. and 5:00 p.m. due to a number of different factors.
- The sale proceeds are available when the transaction is completed (between 11:00 a.m. and 5:00 p.m. and can be deposited directly to the seller’s bank account (exceptions: PC Financial, trust companies, credit unions).
- Sellers should plan to be out of the home before 12:00 p.m. (Noon) on the day of closing.
- The home should be left empty, clean and in a broom-swept manner.
The purchase and sale of a Real Property is one of the largest financial transactions that a person will make in their lifetime. Having a lawyer that you trust and feel comfortable with ensures that the transaction will be completed as smoothly as possible.
Feel free to contact the legal team at Matlow, Miller, Harris, Thrasher to assist you with all of your real estate purchases or sales, as well as refinancing of your current property.
For over 70 years we have represented clients in all real estate transactions, be it the purchase or sale of a home, condo, apartment complex or commercial property.
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