Selling a property in Ontario can be intimidating. Our team of experts at Qureshi Law are here to assist you from discharging your mortgage to getting the sale proceeds safely to your bank account.
*plus applicable taxes and disbursement fees
Every real estate transaction is unique and involves many steps. At Qureshi Law, we have optimized the sale workflow to create a seamless experience for our clients. We always go an extra mile to make sure your interest is protected throughout the whole process.
The purchaser is responsible for the preparation of the Agreement of Purchase and Sale. Read the offer carefully for conditions that would allow the purchaser to exit the deal before closing. Always check if rental equipment, chattels and fixtures were completed correctly before signing the agreement.
Once the Agreement of Purchase and Sale is signed by the purchaser and the seller, you can start looking for a lawyer to retain for your sale. During our onboarding meeting, we discuss every step of the deal to ensure that everything is completed up to your standard.
During this step, your lawyer will review the title, request documents from you and discharge statements from creditors for any liens secured on the property. Your lawyer will also be able to provide you with detailed calculations showing how much money if any, you will receive on closing.
A week before closing date, we will invite you to a final signing meeting. Beforehand, we will advise you of any information still required from you, such as key access instructions. Before the meeting, you can also ask your lawyer to pay your personal debts on closing date.
The timing of direct deposit to your account depends on when your lawyer receives the funds from the purchaser’s lawyer. If the funds were received before 3 PM, there is a good chance that the funds will be deposited into your account on the same day. However, if the funds were provided to your lawyer after 3 PM, you will receive proceeds the next business day.
At least one month before closing. Giving the municipality/condominium management company enough time to process the cancellation request is key to ensure that no payments are debited from your account on or after closing.
Many utility providers have an option to cancel the account in the future. All you need to do is to contact your provider and advise them of the closing date of your sale. They will then automatically put a stop to your account on closing date.
If you have any rental equipment, you must include that in the Agreement of Purchase and Sale for the purchaser to assume it. A failure to include rental items will result in the seller having to buy the equipment out on closing. This may result in additional expenses that you did not budget for. Rental equipment can be included in paragraph 6 of the standard OREA Agreement of Purchase and Sale.
You have a few options for how you can provide keys to the purchaser. You can ask your realtor to exchange keys with the purchaser’s realtor. You can bring the keys to your lawyer to be couriered to the purchaser’s lawyer. However, due to COVID, most sellers leave their keys in the lockbox at the property and provide their lawyer with the lock box code to be provided to the purchasing lawyer upon closing.
Click Book Now to complete our onboarding form and to book a meeting with our lawyers.
Suite 255-1099 Kingston Rd,
Pickering, ON L1V 1B5
Monday – Friday
9 am to 5 pm
