As with the purchase of real property, you will see your Notary Public or Lawyer after you have a binding contract to sell your property. To start your sale transaction file, we will need your real estate agent to send us your contract. It is a good idea to provide us with the contract at least three weeks in advance.
What information is useful to have?
If there is a mortgage or a line of credit registered against the title to your property, it is a good idea to gather the most recent mortgage or line of credit statements from your lender. This may include finding out the particular branch details (name, address and/or phone number) where your mortgage is held, as well as your mortgage and line of credit reference numbers. You may want to find out about any prepayment interest, charges and fees that your lender will be applying to your mortgage or line of credit.
If you have any liens, pending litigation, judgments, encumbrances or other financial charges registered against your property it is a good idea to have the contact information about the charge holder's lawyer (name, address and/or phone number) available. For these types of charges, we typically contact the charge holder's lawyer to obtain a written request of the total amount owing to the holder of the charge. This payout amount may also include penalties, fees, interest and other associated costs.
When can we sign?
Signing for a property sale file typically occurs after we have received documentation from the Notary Public or Lawyer that is acting on behalf of the buyers and after we have received written statements relating to any charges on your property title that need to be cleared by you.
What are some other things to keep in mind?
Ensure that there are enough funds in your account to have your next mortgage payment taken out. Oftentimes, mortgage lenders provide us with mortgage payment statements, assuming that your next scheduled payment is debited from your account.
It is a good idea to contact hydro, gas, water, oil, cable providers, internet providers, and other applicable service providers that apply to your property and have the accounts cancelled.
If you have any preauthorized payments coming out of your accounts relating to the property, such as preauthorized property tax payments, contact the municipality to have your payments cancelled.
Be sure to talk to your accountant regarding analysis or advice regarding any tax implications on the sale.
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