The Real Estate Process - Sellers PDF Print

 

Finding A Buyer

One of the first things that a Seller will want to do is to find a qualified buyer for their home.  This can be done through your own efforts or with the help of a Realtor.  If you are working with a Realtor you will sign a contract with them called a listing agreement that will set out, among other things, the obligations of both you the seller and the Realtor, as well as the how the commissions will be calculated.  A Realtor will assist is determining a listing price and in marketing your home to potential purchasers. 

 Selling the Home

Once you have found a qualified buyer you will need to negotiated the terms of the sale and enter into a real estate contract.  This is another area where a Realtor can be of great assistance.  If you are not working with a Realtor, our experienced lawyers can also assist in drafting a real estate contract.  In the real estate contract you will want to address such things as the price, how the price will be paid (including any deposits), when possession of the house will be turned over to the Buyer, what items stay with the house (appliances, etc.), any conditions to the sale (such as financing, inspection, sale of a home, etc.).  Making sure that you have a valid real estate contract that protects the buyer and seller is important, and often worth getting appropriate professional help in this regard.

 The Lawyer's Role

In addition to assisting to create a valid real estate contract, we will:

  • Check the contract to ensure it is correct, and clarify any ambiguity if necessary
  • Enter the important dates into our limitation diary system to ensure that they are not missed
  • Contact our client to:
    • Confirm instructions
    • Ensure that our client is able to meet the conditions of the contract
    • Obtain any existing Real Property Report
    • Ensure that our client has continuing fire insurance on the property until the closing date
    • Confirm possession requirements
    • Ensure that any Dower requirements are met
    • Confirm the amount of commission payable to the Realtor
    • Determine if any of the sales proceeds have been assigned, and if so to whom
    • Advise to cancel automatic payments for TIPP program (taxes) upon transfer of property
    • Ensure arrangement in place for transferring possession of keys and to confirm which chattels remain with the property
    • Confirm payout penalties
  • Conduct a tax search to ensure taxes are up to date and order tax certificate
  • Obtain a Land Titles search to check for encumbrances, and caveats that may affect the title
  • Register an unpaid vendor’s lien
  • Contact the Realtor to obtain their conveyancing package
  • Contact the buyer’s  lawyer to obtain Buyer’s name, address and manner of taking title and manner of payment
  • Contact the mortgagee to obtain particulars of mortgage and payout statement
  • Prepare:
    • Transfer of Land and Dower Release
    • Statement of Adjustments
    • Direction to pay
    • Discharge of all instruments not assumed by buyer
    • GST exempt certificate
    • Trust reconciliation
  • Determine applicability of GST
  • Meet with client to:
    • Review adjustments and projected disbursements
    • Discuss Real Property Report or title insurance
    • Review and sign transfer documents
    • Discuss any trust conditions from buyer’s lawyer and any other matters relating to the transaction
  • Forward all required documents to buyer’s lawyer
  • Receive the funds from the buyer’s lawyer
  • Payout all encumbrances, taxes, Realtors, etc.
  • Discharge unpaid seller’s lien
  • Register the transfer documents and mortgage
  • Ensure that the keys to the property have been released to the buyer
  • Provide a reporting package to the client containing copies of all necessary documents

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