Once you accept an offer to purchase on your property and sign the contract of purchase and sale, you’ll require a lawyer or notary to complete the transaction. The lawyer will be in touch with the buyer’s lawyer and make sure all their documents are in order to protect your interests.
Your lawyer will handle payouts of any mortgages, or any other debts that are being discharged as part of the transaction. They will receive these figures directly from the mortgage holder, and take into account any prepayment penalties or other charges that are applicable.
Your lawyer will also handle any adjustments related to expenses that you’ve already paid, to ensure you receive fair credit for them. For instance, you have likely already paid property taxes for the entire year, however the buyer benefits from having the taxes paid for the portion of the year where they now own the home. This amount will be adjusted by your lawyer to ensure you’re given the appropriate credit. The same is true for strata fees, municipal levies, and other charges.
What if I need the funds from a sale to complete my purchase of a new home?
Clark Woods can help you make sure each stage of your sale and purchase complete in the correct sequence. If your deals are both closing on the same day, this is known as a “back-to-back” transaction. If your purchase is happening before your sale, you may need bridge financing to ensure you have the cash to purchase the new home before you receive the proceeds from the sale of the old one. No matter the situation we’ve seen it before and are happy to help.
Why hire a lawyer?
Anybody selling a home understands the importance of having a deal complete smoothly and on time. Lawyers can help ensure this happens and will keep you up to date on the deal as it develops.