Sale Of Property Guide

        We may receive instructions directly from you to act on your behalf or alternatively, we may receive instructions from your Real Estate Agent.  In either case, you need to be aware of the following:

IDENTIFICATION:

        The Law Society obliges us to identify each client in a transaction.  Consequently, we have to obtain certain specific information and certain documentation in support of your identify.  As a minimum, we have to  obtain and copy at least one (1) primary piece of identification such as a Driver’s License or MCP, etc.  The identification form with a copy of the supporting identification document(s) must be retained in our file.

TITLE DEEDS/SURVEY/REAL PROPERTY REPORT:

        You should provide copies of the foregoing documents to us as soon as possible since they are of assistance in correctly identifying the property being sold and form a part of the initial information provided by us to the Purchaser(s)’ lawyer at an early stage of the transaction.

VENDOR (S) INFORMATION CHECKLIST:

        We will at an early stage provide you with an Information Checklist which will need to be completed. 

PAYOUT OF MORTGAGES/CHARGES:

        We will obtain a Payout Statement from the Mortgage Holder with respect to any Mortgage registered against your property.  A copy of the Payout Statement will be provided to you on or before the closing date.  It is your responsibility to ensure that the Payout Statement is accurate.  We will obtain the required formal Discharge of Mortgage and attend to its registration.  You  are responsible for the registration cost at the Registry of Deeds for the registration of any Discharge of Mortgage.

LEGAL FEES AND EXPENSES:

        If we have provided you with an estimate of Fees, we will endeavour to complete our work in accordance with the estimate.  Estimates are based upon  standard transactions.  Circumstances may arise in the course of a transaction which may result in reasonable increases in the Legal Fee.  Examples of circumstances which will lead to an increase in Fees include remedial work associated with title to the property, additional liens, Mortgages, charges, or claims beyond a standard first Mortgage which need to be addressed or released, or difficulties or disagreements arising during the course of the transaction beyond what would be considered normal or standard.

        If a transaction is terminated for any reason prior to its completion, you will be responsible for the Legal Fee and the expenses incurred on your behalf up to the point of  termination.

CLOSING THE TRANSACTION:

        We do everything possible to close a transaction on its scheduled closing date.  However, if it is not possible to close on the scheduled closing date we will endeavour to advise you of any anticipated delay as soon as possible.  If we are unable to contact you, and some reasonable extension to the closing date is necessary, you authorize us to agree to an extension.

        All documentation associated with the sale of the property must be signed by you on or prior to the closing date.  If you will be unavailable to sign documentation related to the transaction by not later than the closing date, you must notify us of this well ahead of the closing date. 

        We will provide you with a Transaction Statement on or prior to the closing.  The Transaction Statement will indicate all deductions and adjustments including the payout of any Mortgage, property tax adjustments, fuel oil/propane adjustments (if applicable), rental adjustments (if applicable), Legal Fees and any other expenses.  Please note we will only address oil/propane/rental adjustments if you specifically ask us to do so and provide us with the information required to make the requested adjustment.  If the property has been sold through the agency of a Real Estate Company, we will, upon closing, pay the balance of the Real Estate commission.

        The Transaction Statement will also reflect any additional costs incurred on your behalf with respect to the transaction.  For example, Purchaser(s) or their Solicitors may request certain Certificates, Clearances or confirmations respecting the property and/or the Vendors which may include a Tax Certificate and Compliance Letter from the Municipality or certain Provincial Government Agencies.  You authorize us to obtain such of the foregoing as we deem normal and necessary for transactions of this nature.  The Fees charged by Municipalities or other agencies for the issuance of these items will be deducted from the proceeds on closing and reflected in the Transaction Statement.

        Prior to the actual closing of the transaction and the release of the net proceeds to you, Purchaser(s)  will normally complete a final inspection.  The intent of the final inspection is to provide the Purchaser(s) with the opportunity to confirm that there has not been any intervening damage or loss to the property and that any items included in the purchase price remain on the premises.  If a Real Estate Agent is involved in the transaction, the final inspection will normally be done by the Purchaser(s) with the Agent being present.

        You should not cancel Insurance coverage over the property until the sale has concluded and you are in receipt of the selling price.

Important:The information provided in this Brochure is intended as a general commentary only and must not be viewed as legal advice with respect to any specific transaction.  The facts of each transaction may alter the application of these general comments or involve the application of legal principles not referred to in this commentary.  Legal questions relating to a specific transaction should be directed to your lawyer.