If you are looking to complete the closing process of selling a home anywhere within Alberta, Canada. We can do that for you, with our 4 Steps to Close real estate closing service.
Start by completing our Seller Intake Form or you can provide us the information over the phone. Once we receive this information, we will open your file and get started on the paperwork that transfers your new home to you.
Selling? Complete Seller Intake Form
Your Realtor will provide us with the “Conveyancing Instructions”. These include a copy of the Purchase & Sale Contract.
If you do not have a Realtor, you will also need to provide us with the following information or documents:
We will meet in person to for the Lawyer Signing Meeting 1-2 weeks before the possession date. You will sign the paperwork that transfers the ownership of your home to the Buyer. We will contact you to schedule the meeting.
At the Lawyer Signing Meeting, you will need to bring the following, for example:
We will provide you with details when we contact you to set up a Lawyer Signing Meeting.
On the Possession Day (also referred to as the Closing Day and Completion Day), we will receive the Closing Funds from the Buyer’s Lawyer. Once we have the funds, we will contact your Realtor to authorize the keys to be released to the Buyer. We will also let you know when this happens – usually around Noon. We will then disburse the sale proceeds – paying what is required from your sale such as your mortgage, real estate commissions, outstanding property tax, and our legal fee. You will receive the balance of funds or net sale proceeds either the same day or the next business day. The funds will be directly deposited to your account.
Selling a home can be a rewarding experience, but there may be delays in the closing due to situations that could have been avoided.
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.
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.
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.
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.
Our Flat Rate Pricing includes the Legal Fee, Disbursements, and G.S.T. This make it easier to budget your costs.
Please contact our office for confirmation of the flat fee for your transaction.
We handle the paperwork that transfers the property title to the buyer, we receive the payment of the purchase price from the buyer’s lawyer, and we disburse the sale proceeds as required. For example, we pay out your existing mortgage, the real estate commissions, and the net sale proceeds to you. This is called the Conveyancing of the Property.
For a detailed explanation of what is included in our service, click here.
Read about why you need a Real Estate Lawyer here.
We understand that buying or selling a home can be a
significant milestone in your life, and we’re here to support you every step of
the way. Whether you’re a first-time homebuyer or a seasoned seller, this guide
is designed to be your trusted companion throughout the process.
Here’s a quick overview of what you’ll find in our guide:
·
Understanding the Closing Process: We
break down the closing process into easy-to-follow steps, helping you know what
to expect and how to prepare.
·
Conveyancing Demystified: Learn about the
legal aspects of property transfer, including contracts, title searches, and
more.
·
Useful Tips and Strategies: Discover
practical tips to help you make informed decisions and avoid common pitfalls.
·
Checklists and Resources: Find handy
checklists to keep you organized and access additional resources for further
assistance.
That may answer all of your questions
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 authorise 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, my legal fees, and anything else I am required to and you authorise 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.
You will usually receive the sale proceeds on the afternoon of the Possession Date or the the next business day.
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.
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.
I will deduct the legal fees 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.
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.
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.
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.
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting Giardino Law (or their own legal counsel) regarding any specific legal, insurance, or accounting issues. Giardino Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles and posts published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.
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