Selling Page 4

Selling "Page 4"

Then on or before closing day, lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages you owe on the property. After these are paid, you will receive any money you have coming from the sale. You must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing,

Your lawyer should also ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank. Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.

Here, your responsibilities under the listing agreement end. You'll have paid your listing agent the agreed-upon compensation. This can be done by your lawyer who can arrange the payment from the proceeds of the sale. In some provinces, including Quebec, notaries perform the same role in the real estate transaction as lawyers do in other provinces. If you have any questions, check with a Realtor.

The sale of property is a complex business transaction. There are distinct advantages to having a Realtor who is well-educated, knowledgeable, and experienced. A Realtor also has access to an array of services, including the Multiple Listing Service®, which can provide you with instant, thorough and accurate property information.

(The comments contained on this site are for information purposes only and do not constitute legal advice.) 

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