Who pays for What?

Completing the sale

The Contract of Purchase and Sale, which you signed, will state the completion day for the transaction. On that day, legal ownership will transfer from you to the new owner in exchange for the purchase price of the home.
Do you need a lawyer or notary?

While it is the normal practice for the buyer’s lawyer or notary to prepare the documents necessary to transfer the legal ownership, it is recommended that you, as the seller, engage legal counsel to act solely on your behalf.
Among other things, he or she will protect your interests by:
   checking the documents prepared by the buyer’s lawyer and explaining them to you
   ensuring that your old mortgage has been properly discharged, if this is required
   ensuring that you have no further obligation regarding your old mortgage if it is being assumed by the buyer
   confirming that all payments for which you are responsible have been made
   arranging for you to sign the transfer documents
   preparing a statement for you outlining where all the purchase money was disbursed and giving you the net proceeds of the sale.

What costs can you expect?

  •    the commission you agreed to pay your brokerage
  •    the legal fees to discharge any existing mortgage whether or not you engage your own lawyer
  •    the GST on the real estate commission and on your legal fees
  •    any prepayment penalty levied by the financial institution for early pay-out of an existing mortgage
  •    your share of the property taxes for the year if the current
  •    year’s taxes have not yet been paid, plus any penalties due
  •    for late payment of unpaid taxes
The day has arrived!! You have signed the documents, packed your boxes, received your money and turned over your keys.
Your home is sold!



OTHER FORMS IN YOUR BUYER PACKAGE 
  1. Contract of Purchase and Sale
  2. D.O.R.T.S.
  3. Fintrac ( The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) 
  4. Property Disclosure Statement 
  5. Offer
  6. Subject Removal
  7. Extension
  8. Addendums

Get In Touch

Lola Oduwole

Phone: 6048096317

EMAIL

Office Info

RE/MAX All Points Realty

101, 1020 Austin Avenue  Coquitlam,  BC  V3K 3P1 

Stay Connected

Get In Touch

Lola Oduwole

RE/MAX All Points Realty

101, 1020 Austin Avenue  Coquitlam,  BC  V3K 3P1 

Phone: 6048096317

lolaoduwole@yahoo.ca