If you have sold your home and are looking for a Real Estate lawyer

Once the buyers have removed the conditions, the sale agreement is final and the process of actually transferring the property begins.  If you haven’t already had your lawyer review the sale agreement, you need a lawyer now to handle the land transfer and the payment of the sale price. Read about why you need a Real Estate Lawyer here

Here is what you need to do now that the sale agreement is signed:

STEP 1: Provide your Realtor with your Edmonton Real Estate Lawyer’s contact information

1. Let your Realtor know my contact information. Your Realtor will then provide me with most of the information I need including a copy of the Purchase and Sale Agreement and the Commission Statement.

STEP 2: Provide your Edmonton Real Estate Lawyer with information

I will need the following information or documents from you at least two weeks before the possession date:

1. Your contact information so I know how to easily reach you.
2. Information regarding your current mortgage/line of credit – Your mortgage account number and the branch where your account is held.  This is required to obtain a payout statement.
3. Confirmation of your marital status (single, married, divorced, separated).
4. If you are selling a house or bare land condo, an Original Real Property Report with Compliance. Learn about Real Property Reports Here
   
5. If you are selling a condo, your Property Manager’s contact information.

If you do not have a Realtor, you will also need to provide me with the following information or documents at least 2 weeks prior to the possession date:

1. Copy of the Purchase & Sale Agreement and Removal of Conditions form.
2. Seller’s Contact Information.
3. Name of Seller’s Lawyer.
4. The Deposit, if any, paid directly to you by the Buyer.
   

STEP 3:  Meet with your Edmonton Real Estate Lawyer – We will meet 1-2 weeks before the possession date

You need to bring the following to our signing meeting:

1. 2 valid pieces of identification. I am required by the Alberta Law Society to verify your identity by viewing and copying 2 pieces of original and valid identification including one government issued photo identification.
2. The Real Property Report with Compliance (if applicable)
   

Questions and Reminders:

• Don’t forget to cancel utilities and any monthly property tax payment plan.
  
• Do NOT cancel any insurance on the property until you have actually received the sale proceeds from my office.
• What happens after I sign the real estate documents with the Edmonton Real Estate Lawyer?
  • I will send the transfer documents to the Buyer’s Real Estate Lawyer.
  • On the Possession Date, the Buyer’s Real Estate Lawyer will send me a cheque for the Cash to Close (the purchase price).  Usually I receive the money around noon.
  • Once I receive the Cash to Close, I will contact your Realtor (or you if you do not have a Realtor) to authorize your Realtor to release the keys to the Buyer.
  • From the Cash to Close funds, I will payout any mortgage or other encumbrance registered on the title to the property, unpaid taxes, condo arrears, real estate commissions, and anything else I am required to and you authorize me to payout.
  • I will then a prepare a cheque to you for the balance of the sale proceeds.  The funds are usually available on the afternoon of the Possession Date or the following morning.
    

• Can my possession date be delayed? There are a number of factors that may prevent your deal from not closing on time. For example, the buyer’s mortgage lender may not provide the mortgage funds to them on time or we are not not able to provide information or documents to the Buyer necessary to complete the deal prior to the Possession Date. I will let you know immediately if I am aware that there may be a delay. If the deal is unable to close on the Possession Date, you will not receive the sale proceeds on the Possession Date.  This option will be discussed with you if necessary.

If you are thinking of selling your home,  here are some things to keep in mind:

1.  Consider choosing a Realtor to help you with the transaction.  A Realtor can guide you through the whole process – they will help determine the sale price, help you with the necessary preparations, and present offers to you. A knowledgeable and experienced Realtor can make your sale stress-free.

2.  If you are selling a house, you will usually need a current Real Property Report that shows that the property complies with municipal zoning bylaws.

3.  Review your mortgage terms.  Usually when you sell your home before the end of your mortgage term, you will be charged a prepayment penalty which can be quite high.

4. You will need a lawyer to handle the transfer of the property to the buyer.  A lawyer can also review the sale agreement for you before you sign it.