Closing the Deal
Closing the Deal
A lawyer is there to represent your interests, and to process the documentation required for your sale to close within the timeframe laid out in the agreement.
A contact list of reputable lawyers in the Barrie and Simcoe County area is available. It is advisable to have the name of your lawyer when the offer becomes firm and binding so that the necessary paperwork can be delivered in a timely fashion.
It is the responsibility of the buyers Lawyer to conduct a search of title (on-line) and also to contact the municipality for taxes, zoning compliance (permits, use, setbacks, pool, fencing, compliance with subdivision agreements, etc.) within the time stated in the offer. If issues arise, you will be notified by your lawyer and recommendations will be made.
In brief, here’s what takes place before the actual closing day
- A copy of the offer will have been forwarded to the office of your lawyer. Your lawyer will have reviewed the conditions of the sale. You will have made your lawyer aware of how you, and any co-buyers, will be registered on the title of the property.
- Take a copy of the agreement to your mortgage lender so they can arrange for a discharge of the mortgage or a transfer to your new property.
- All of the terms and conditions in the offer to purchase must be satisfied by the closing date.
- The seller will supply the Lawyer with their most current land survey and any permits and approvals or notices obtained/received for the property.
- You will want to make sure that you have contacted all of the utility, cable, and phone companies to ensure an easy disconnect of service.
- Notify your home insurance of your move.
- Your lawyer will prepare a statement of adjustments. This confirms the selling price, adjustments, and the balance. Adjustments will be for Taxes /condo fees.
- You will meet with your lawyer to sign documentation for closing the transaction during the last week before closing. Call them to book a time.
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