Here are the most popular questions I get asked by Sellers:

When can I cancel my property insurance?

Do NOT cancel any insurance on the property until you have actually received the sale proceeds from my office.  Until you receive the money you are still the owner of the property and could be responsible for any damage.  You may not receive the sale proceeds on the Possession Date so do not cancel your insurance as of the Possession Date.

When do I receive the sale proceeds?

You wil usually receive the sale proceeds on the afternoon of the Possession Date or the following morning.

Will I receive the sale proceeds for sure on the possession date?

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.

Who pays my mortgage?

I will pay your mortgage from the sale proceeds.  I receive a mortgage payout statement from your mortgage lender showing the amount outstanding and I pay it once I receive the money from the buyer.

When do I pay you your legal fees?

I will deduct the legal fees from the sale proceeds.

What else do you pay from the sale proceeds?

From the sale proceeds, I pay things like your mortgage, line of credit, unpaid taxes and penalties, condo fee arrears, real estate commission, and my legal fees.

Who gives the buyer the keys?

Your real estate agent will give the keys to the buyer.  Once I receive the money from the buyer, I call your real estate agent and tell them to give the keys to the buyer.

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.

Some Reminders:

Cancel utilities

Cancel any monthly property tax payment plan