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After your home is sold, what happens next?

House on handOn a sale, the lawyer’s work will include the following:

  1. Preparing and reviewing documents
  2. Obtaining mortgage statements
  3. Responding to buyer’s lawyer’s requisitions
  4. Meeting with the seller
  5. Closing the transaction and
  6. Attending to post closing matters


Prepare documents

It is the seller’s lawyer’s responsibility to prepare the Statement of Adjustments and draft Transfer/Dee. The seller’s lawyer will also receive and review the documents prepared by the buyer’s lawyer.


Mortgage Statements

The seller’s lawyer will obtain mortgage statements for any existing mortgage on title. For mortgages to be discharged, the statements will show the amount to be paid as of the closing date.


Respond to Requisition letter

After receiving and reviewing the requisition letter from the buyer’s lawyer, the seller’s lawyer will respond to each of the requisitions raised in the letter, some requisitions may need to be reviewed with the seller.


Meet with the sellers

Prior to closing, the seller’s lawyer will meet with the seller to sign the documents required for closing, and obtain a key for the home.


Closing

At closing, the buyer’s lawyer and the seller’s lawyer exchange documents. In addition, the seller’s lawyer will provide keys to the buyer’s lawyer and will obtain the closing funds in return.


Post closing matters

Following closing, the seller’s lawyer attends to several matters, including paying out and discharging any mortgages that were not assumed by the buyer, paying any outstanding property tax arrears or utility accounts, forwarding the balance of the real estate commission to the real estate broker, forwarding any net proceeds to the seller and submitting a final report to the seller with all sale documentation the lawyer’s account and a trust ledger statement.

Quick Contact

David and Ann Ryan, Sales Representatives
Office: 905-632-2199 | Direct: 905-407-4353 | info@ryanshomes.ca

RE/MAX Escarpment Realty Inc., Brokerage | 4121 Fairview St, Burlington, Ontario L7L 2A4, Canada

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