Information Every Vendor Should Know

      The Intricacies of The Transaction

You, the Vendor, should provide your lawyer immediately with;

• The Agreement of Purchase and Sale
• The Deed for the property
• The Survey for the property
• The names and addresses of all mortgagees and lien holders
• A key to transfer with the Deed
• A bank account number for deposit of the proceeds of the sale or confirmation of pick-up
• Your forwarding address and phone number
• You should also provide confirmation;
• That you have not subdivided your property or granted licenses or rights of way affecting your property
• That your oil tank will be topped off and that you will provide a receipt upon closing
• Of the HST status of the property
• Of the date and time you wish to close
• Of your marital status
• Of the date and time you wish to deliver vacant possession
• That the municipal taxes have been paid
• That there are no municipal betterment charges outstanding
• That the furnace and hot water heater are owned or rented
• That you are considered a resident of Canada under the Income Tax Act which imposes certain restrictions on non-residents of Canada selling property

Your lawyer will deliver the required information to the Purchaser's lawyer and the Purchaser's title search will be started. Your lawyer will deal directly with the mortgage company if there is a mortgage on your property. They will also contact the municipal tax office to obtain the up to date tax information. If the property being sold is a condominium, they will contact the condominium corporation to receive an estoppel certificate. Upon completion of the title search, they will prepare the deed in accordance with the instructions from the Purchaser's solicitor.

Your lawyer will arrange to transfer the deed and the keys to the Purchaser's lawyer in return for the agreed upon amount of money. This money will be transferred to your lawyer's firm by lawyer's trust cheque or certified cheque, so there is no need for you to fear that the cheque will not clear the bank.

The real estate commission, mortgages, encumbrances, disbursements, and legal fees will be deducted from the funds received and these amounts will be paid out by your lawyer's office. They will issue a cheque to you, the Vendor, for the remaining amount.

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Joe Anne has answers to a lot of your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Joe Anne or click on "Ask Your Own Questions." Joe Anne can send you information on any Property Listed Sold on the Multiple Listing Service in the Ottawa area. If you would like her to help you locate a home, please fill out her Information Request Form. Or perhaps you are considering selling your home in the near future, her can also offer you a Free No-Obligation Market Evaluation Form.