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Real Estate Memo

We thank you for entrusting us with your upcoming real estate transaction. We have prepared this short memo to provide you with information regarding the transaction. The memo outlines information and documentation that we need from you and provides answers to some common questions. We have identified which items are for your information only, and items that require an action from you (labelled “INFORMATION” or “ACTION“). We hope you will find this useful.

SELLING YOUR PROPERTY

  1. Please email or drop-off a copy of two pieces of identification as soon as possible. (Driver’s Licence, Passport, Credit Card). Please note that you will be required to bring the same ID with you when you meet with us to sign the closing documentation. ACTION
  2. Please provide us with a copy of your interim or final tax bill, together with evidence of payment as soon as possible. We can order a tax certificate directly from the city if you do not have this information, but there will be an additional disbursement charge, as each city charges lawyers a fee for requesting a tax certificate. ACTION
  3. We will reach out to you closer to the closing date to set up an appointment to sign the necessary documentation. We can only schedule an appointment once we are in receipt of the documentation required by the lawyer for the buyer. While we do our best to provide you with sufficient time to arrange to come into our office, we do not have any control over the other lawyer’s timing, and this date may be immediately before the closing. INFORMATION
  4. Once the transaction is complete, the sale proceeds will be deposited into your account. If the transaction closes after 4:00pm, the funds will be deposited into your account the following business day. INFORMATION
  5. You are responsible for paying all final utilities bills and advising the utilities providers that you have sold the property. ACTION
  6. You must notify the tax department of the sale of the property in order to have them cancel your next payment if you are on a pre-authorized property tax installments. ACTION
  7. If you are selling a condominium unit, you must make arrangements to cancel your monthly condominium fees. ACTION
  8. You are only entitled to occupy the property while title is in your name. As soon as we have “closed”, the property belongs to the buyer. The exact closing time depends on a number of factors, but could be as early as 9:00 am or as late as 4:59 pm. Plan to be moved out as soon as possible in the morning in order to avoid delaying the closing. INFORMATION

BUYING A PROPERTY

  1. Please email or drop-off a copy of two pieces of identification as soon as possible. (Driver’s Licence, Passport, Credit Card). Please note that you will be required to bring the same ID with you when you meet with us. ACTION
  2. If you are obtaining financing (whether it is a mortgage or line of credit), please ensure that our contact information is provided to your lender as soon as possible so that they forward the solicitors’ instruction package to our office without delay. ACTION
  3. Your Agreement of Purchase and Sale has a title search date (also known as the requisition date). You will be hearing more from our office once this date has passed. INFORMATION
  4. You will be required to obtain property insurance for the property, which must list your lender as a mortgagee on the policy. We will provide instructions regarding the requirements for the insurance policy closer to the closing date. (Note: will not apply to condominium units. However, we still recommend that you obtain contents insurance). ACTION
  5. Once we have prepared the necessary documentation for the purchase of the property, we will reach out to you to set up an appointment. We can only schedule an appointment once we are in receipt of the necessary documentation from both your lender and the lawyer for the seller. We do our best to provide you with sufficient time to arrange to come into our office, but we do not have any control over the timing of either the other lawyer or the lender. INFORMATION
  6. We will provide you with a breakdown of funds closer to the closing date, which outlines the balance of the purchase price, cost of title insurance, land transfer tax, legal fees, and any other payments we may be required to make. We deduct those items from your mortgage advance to determine whether you will need to bring in additional funds to close. This calculation can only be done after we are in receipt of the information from both the other lawyer and the lender. INFORMATION
  7. We will notify the tax office that you have purchased the property. However, you are responsible for paying all property tax installments following the closing. ACTION
  8. You are responsible for arranging all utilities to be supplied to your new property. ACTION
  9. If you have purchased a condominium unit, kindly ensure that you reach out to the property management company to set up payment of the condominium fees. We can provide you with their contact information. ACTION
  10. You are only entitled to the keys to the property once title has been registered in your name. As soon as we have “closed”, the property belongs to you. The exact closing time depends on a number of factors, but could be as early as 9:00 am (less likely) or as late as 4:59 pm. We do not recommend moving in first thing in the morning, as you may end up paying to have your movers to sit outside and wait! INFORMATION
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