Selling – FAQs 2019-06-13T03:23:01+00:00

SELLING YOUR HOME

Commonly Asked Questions

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 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.

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.

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.

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.

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.

Reminders:

      • Don’t forget to cancel utilities, any monthly property tax payment plan, and condo fee payments.
      • Do NOT cancel any insurance on the property until you have actually received the sale proceeds from my office.

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.

I have received the house keys from my realtor and we’re really grateful for the job done by Rosellina and her Office in a very quick and smooth manner. I’m really satisfied in doing business with you guys and I will definitely recommend my family members and friends. Thank you.

(home buyer – May, 2014)

When my husband and I purchased our home we were looking for a lawyer to handle all of the legal aspects. We were referred to her by our realtor and we were so pleased at how professional Rosellina Giardino was. She made us feel comfortable and was always accommodating and reliable. If anyone is looking for a knowledgeable lawyer who understands her clients trust Miss Giardino. Thank you for getting us into our new home.

(couple buying first home together – As posted on Yelp, April 2, 2013)

…We would like to thank you for arranging the legal documents for the purchase of our first investment property.  We really appreciated you having taken the time to answer all of our questions.  We were also very pleased with the clear instructions you provided to our notary.  This attention to detail really helped facilitate the signing process …

(out of province buyers of Alberta property – April 2013)

Hi Rosellina. Thank you so much for everything you have done for us with the purchase f our first home.  You made the experience a very positive one by helping us understand the process and always keeping us informed throughout construction, even though at times it was hectic.  …  We will not hesitate to refer any of our friends or family to you in the future for any home sales or purchases.  You are very good at what you do and run your business in a very professional manner.  You are also extremely kind and so easy to talk to and approach, we could imagine having anyone else represent us ….

(first time home buyers of a new house from a builder – April 5, 2013)