Please note all information shared herein is general information and not legal advice for which a lawyer must be retained. For more information about buying, selling or refinancing real estate in Kitchener-Waterloo or beyond, give us a call.
Although buying a real estate property, in Kitchener, Waterloo or Cambridge regions or beyond involves multiple steps, selling your real estate also requires you to be involved and organized to ensure that your lawyer has all the requisite information to complete the transaction.
If you decide to retain VRS Law to act on your behalf on the sale of your property, here is an example of what we may seek to obtain from you immediately in order to ensure a smooth closing:
☐ 1. Fax or e-mail
If you or your real estate representative has not already done so, we will need you to fax or email us a copy of the offer or the agreement of purchase and sale.
Please also email us all of your contact information including all cell phone numbers and all email addresses.
☐ 2. Mortgage pay-out statement
As part of the closing process, it is our job to ensure that we obtain an up to date pay-out statement from your bank or mortgage company so that we may pay-out your mortgage from the sale proceeds and discharge the mortgage from the title of your home, which is currently registered as a lien.
Accordingly, to ensure that we have accurate information such as an account number or a mortgage loan number when we write to your bank for a discharge statement, we will need you to fax or email us a copy of your most recent mortgage statement for references purposes. (If you cannot find one, just provide us with a contact name and phone number of your banker).
☐ 3. Property tax bill
We also need to adjust for your property taxes, especially if you have prepaid your taxes for the year or if you have paid taxes for a time period past the closing date.
Accordingly, please fax us or email your most recent property tax bill.
NOTE: If you are currently on a pre-authorized payment plan with the City whereby they automatically debit your bank account for your tax installments, monthly or otherwise, you will need to cancel this at the appropriate time to avoid any additional charges.
☐ 4. Condo fees
If the property you are selling is a condominium unit, we will also be adjusting for your monthly common expense payment with the buyers.
However, as in the case of property taxes, if you have arranged to pay your maintenance fees on a pre-authorized payment basis, you will need to cancel this immediately. (In case you have given post-dated cheques to the Management Office, you will need to get these cheques back).
☐ 5. Contact utilities
You will need to contact the utility companies, such as hydro, water and gas departments to give them your forwarding address so that they may send you the final bill after the meter reading on the closing date.
☐ 6. Appointment to see us
Our office will be setting up an appointment with you – usually a few days before the closing date in order to attend at our office to review and sign all closing documents.
It is important to note that all those who are currently on the title to the home must come in to sign.
Furthermore, if only one of the spouses is the owner and both spouses reside in this property, then the non-owner spouse must also come into our office to sign.
Finally, if one or all of the owners are not present to sign these documents and an individual under a Power of Attorney will be attending our office for signing, please provide us with the original copy of this Power of Attorney along with the contact information of the Attorney. For more information on this issue, please contact us.
☐ 7. Meeting before closing
It is typical for us to meet 1-2 days before the actual closing date.
Please remember to bring one (1) set of keys to the property with you to the meeting to leave with us so that we may, in turn, forward it to the buyer’s lawyer on closing.
Also, you will also need to bring two (2) pieces of identification.
☐ 8. Pick up funds
Once we have received the closing funds from the buyer’s lawyer on the closing day, we will electronically message the deed to the property to the other lawyer. It is only when he or she has registered this deed in the buyer’s name can we then consider this transaction as having closed.
And once the deal has closed, we will notify you immediately so that you may attend at our office to pick up the balance of the closing funds, which will be in the form of a certified cheque or a bank draft.
You may provide us with a VOID cheque from a major financial institution so we can directly deposit the funds to you after closing is complete. This usually takes place the day of closing or the morning of the following business day.
Should you have questions, VRS Law is here to help.Read More
It is no doubt that a real estate lawyer plays a key role in your transaction.
Broadly speaking, in a purchase transaction, your real estate lawyer will conduct the necessary searches of title, order insurance policies, work with your mortgage lender, correspond with the other side and attend to registration of your transaction.
In a sale transaction, the real estate lawyer will work with your existing lender to discharge mortgages and any other liens, draft statement of adjustments for the buyer’s lawyer and distribute the remaining proceeds including realtor’s commissions etc.
In a mortgage refinance transaction, a real estate lawyer will conduct the necessary searches, the new mortgage as well as discharge the previous, and advance any remaining funds as instructed.
Whether you are buying, selling or refinancing your property, deciding which real estate law firm you wish to work with is an important step.
Here are some tips on choosing the law firm you wish to work with:
- Real Estate Focused: real estate law should be a key focus of their practice. You may not want one that dabbles into the area or has a busy litigation practice that requires them in court. You may find that this could impact the quality of service you receive.
–> Our office is highly focused on real estate – has been so for 7 years.
- Lawyer Involvement: Have you had any contact with the person you have hired? Having this contact will not only put you at ease but it will be an indication as to who you have access to for questions and advice from start to finish – especially if certain challenges arise. A high volume real estate firm may have various legal administrators or law clerks which may help but your transaction should be closely reviewed and attended to by one person in particular – the lawyer. After all, that is who you are paying.
–> Call us for any questions and concerns. While our law clerk will offer help when needed on routine or administrative matters, legal matters, questions and concerns are attended to by the lawyer. Not only that, you will be in touch with both the lawyer and the staff.
- Experienced: your real estate lawyer should have several hundred or better yet, thousands of transactions and several years of experience under their belt. This means that the lawyer will have pretty much seen it all and can provide the right guidance and advice during the course of your transaction.
–> We have helped thousands of clients with their purchase, sale or refinance transactions.
- Break down of Fees: unless you have been working with a lawyer with whom you have an established history and trust, it may be best to ask the question: what is this going to cost? Most people like to know up-front what their costs will be and would like to aim that such costs are kept as precise as possible. In other words, you want to avoid surprises. For the most part, legal fees (including disbursement costs) in a residential real estate transaction can be advised in advance of a law firm being retained. Try to find out ahead of time what the numbers are going to look like by asking for an estimate or a break-down of fees so you can budget.
–> Just as we like to know what we pay for in advance and within reason, we provide the same treatment to our clients.
- Good standing: The lawyer you choose should be in good standing with the Law Society of Ontario.
–> We are in good standing.
Please contact our law office for any questions in relation to real estate in and around the Kitchener-Waterloo region. We look forward to helping you, please contact us if you have any question.Read More