Frequently Asked Questions (Sale Transaction)
Q. What is my first step?
A. Once you have an Agreement of Purchase and Sale in place, you should send us your contact particulars. An easy way to send us your contact information is to complete and submit the Client Information Form. We can then begin working on your file right away.
Q. What documentation do I need to provide to you?
- We require a copy of your latest mortgage statement or some type of banking documentation which indicates the mortgage number, your servicing branch address, phone and fax number. It is very important that you provide us with the mortgage number as most financial institutions will not issue payout statements unless we provide them with same.
- CONDO: We need confirmation of the monthly maintenance fees as the amount shown in the Agreement of Purchase and Sale is not always accurate. We need the exact number in order to make the proper adjustment on closing. If you are on a preauthorized payment plan with the condominium corporation, please make the appropriate arrangements to cease the automatic withdrawals as at the closing date. If you have provided post-dated cheques, you should make arrangements to have those cheques dated after your closing date returned to you.
- HOME: Copy of survey. Even if you have already provided a copy to the real estate agent and/or purchaser, we would ask that you forward a copy to us since often we do not receive a copy and it is important if an issue arises that we need to refer back to the survey.
- Current tax bill and receipts. It is VERY IMPORTANT that you forward your tax bill to us immediately; otherwise, we have no way of calculating the proper adjustment for closing. It is not enough to simply inform us that they are paid or not paid as we need to use the correct numbers to calculate the adjustment. Please ensure that you make all installments that fall due during your ownership of the property. If you are on a monthly withdrawal payment plan with the City, please cancel this automatic payment plan in writing with the City. If, prior to closing, you receive your interim/final tax bill, it is important that you provide it to us right away in order that we can make the proper adjustment on closing. If your bank/mortgage company pays the taxes on your behalf, please let us know so that we can obtain the tax information at the same time as requesting your mortgage payout statement.
Q. What do I do if my taxes have not yet been assessed?
A. If the supplementary or omit tax bill has not yet been issued on your new home or condominium unit, you may want to ensure the appropriate tax clause is inserted into your agreement to avoid future problems. You or your real estate agent can contact our office to obtain this clause when required.
Q. What do I do about utilities?
A. If any of your services are metered, you must arrange for a final reading on closing and advise where the final bill should be sent for payment by you.
Q. What do I do if my home is heated by oil?
A. You should arrange for the oil tank to be filled up no earlier than two days prior to closing. You need to provide us with particulars of the tank’s capacity and the cost per litre of the oil at that date. The only way the appropriate adjustment can be calculated on closing is with a full tank of oil.
Q. What do I do about my security system?
A. Any details regarding security systems including the passcodes and the name of the servicing company should be given to us prior to closing. If the purchaser has agreed to assume your contract, you should arrange for the correct paperwork to be handed over on closing and cancel the service contract in your name. Please ensure that you shut off the security system on the closing day.
Q. What do I do about the rental hot water tank?
A. If the purchaser has agreed to assume your contract, you should call the company and arrange for the correct paperwork to be provided to hand over to the purchaser on closing.
Q. What do I do about keys?
A. You should bring a set of keys to our office when you attend to sign the closing documents for us to hand over to the purchaser’s solicitor on closing. Any remaining keys can be left on the kitchen counter together with any manuals or warranties pertaining to the appliances. If you have made arrangements to leave the keys with your real estate agent, you must let us know ahead of time.