REAL ESTATE MEMO
The memo outlines information and documentation that we need from you and provides answers to some common questions. We have identified which items are for your information only, and items that require an action from you (labelled “Information” or “Action”). We hope you will find this useful.
SELLING YOUR PROPERTY
1. Please email or drop-off a copy of two pieces of identification as soon as possible. (Driver’s Licence, Passport, Credit Card). Please note that you will be required to bring the same ID with you when you meet with us to sign the closing documentation. ACTION
2. We will reach out to you closer to the closing date to set up an appointment to sign the necessary
documentation. We can only schedule an appointment once we are in receipt of the documentation
required by the lawyer for the buyer. While we do our best to provide you with sufficient time to
arrange to come into our office, we do not have any control over the other lawyer’s timing, and this
date may be immediately before the closing. INFORMATION
3. Once the transaction is complete, the sale proceeds will be deposited into your account. If the
transaction closes after 3:30pm, the funds will be deposited into your account the following
business day. INFORMATION
4. You are responsible for paying all final utilities bills and advising the utilities providers that you have sold the property. ACTION
5. You must notify the tax department of the sale of the property in order to have them cancel your next payment if you are on a pre-authorized property tax installments. ACTION
6. If you are selling a condominium unit, you must make arrangements to cancel your monthly condominium fees. ACTION
7. You are only entitled to occupy the property while title is in your name. As soon as we have “closed”, the property belongs to the buyer. The exact closing time depends on a number of factors, but could be as early as 9:00 am or as late as 4:59 pm. Plan to be moved out as soon as possible in the morning in order to avoid delaying the closing. INFORMATION
8. Please note that additional fees may be charged if our assistance is required in order to handle
matters on your behalf that arise after the closing date. Please feel free to reach out to Barbara
Frederikse or Vanessa Pereira directly, should you require a quote for any such matters.
INFORMATION
BUYING A PROPERTY
1. Please email or drop-off a copy of two pieces of identification as soon as possible. (Driver’s Licence, Passport, Credit Card). Please note that you will be required to bring the same ID with you when you meet with us. ACTION
2. If you are obtaining financing (whether it is a mortgage or line of credit), please ensure that our contact information is provided to your lender as soon as possible so that they forward the solicitors’ instruction package to our office without delay. Please note that there will be a rush fee charged if mortgage instructions are not received by our office at least five (5) business days from the closing date. ACTION
3. Your Agreement of Purchase and Sale has a title search date (also known as the requisition date).
You will be hearing more from our office once this date has passed. INFORMATION
4. You will be required to obtain property insurance for the property, which must list your lender as a mortgagee on the policy. We will provide instructions regarding the requirements for the insurance policy closer to the closing date. (Note: will not apply to condominium units. However, we still recommend that you obtain contents insurance). ACTION
5. Once we have prepared the necessary documentation for the purchase of the property, we will reach out to you to set up an appointment. We can only schedule an appointment once we are in receipt of the necessary documentation from both your lender and the lawyer for the seller. We do our best to provide you with sufficient time to arrange to come into our office, but we do not have any control over the timing of either the other lawyer or the lender. INFORMATION
6. Please note that in the course of obtaining a title insurance policy for your transaction, your information will be provided to the title insurance company, by email. INFORMATION
7. We will provide you with a breakdown of funds closer to the closing date, which outlines the balance of the purchase price, cost of title insurance, land transfer tax, legal fees, and any other payments we may be required to make. We deduct those items from your mortgage advance to determine whether you will need to bring in additional funds to close. This calculation can only be done after we are in receipt of the information from both the other lawyer and the lender.
INFORMATION
8. We will notify the tax office that you have purchased the property. However, you are responsible for paying all property tax instalments following the closing. ACTION
9. You are responsible for arranging all utilities to be supplied to your new property. ACTION
10. If you have purchased a condominium unit, kindly ensure that you reach out to the property management company to set up payment of the condominium fees. We can provide you with their contact information. ACTION
11. You are only entitled to the keys to the property once title has been registered in your name. As soon as we have “closed”, the property belongs to you. The exact closing time depends on a number of factors, but could be as early as 9:00 am (less likely) or as late as 4:59 pm. We do not recommend moving in first thing in the morning, as you may end up paying to have your movers to sit outside and wait! INFORMATION
12. Please note that additional fees may be charged if our assistance is required in order to handle matters on your behalf that arise after the closing date. Please feel free to reach out to Barbara Frederikse or Vanessa Pereira directly, should you require a quote for any such matters. INFORMATION