SELLERS LAWYER CHECKLIST

WHAT YOU NEED FOR YOUR LAWYER AS A SELLER

 

Mortgage/Secured Line of Credit Information. Your lawyer will need your mortgage company’s name and the details for a person to contact, as well as the loan reference number. Your mortgage and secured line of credit will be paid out and discharged with the sale proceeds on closing.

Date of Birth of Each Seller.  

Spousal Status of Each Seller (legally married, common law, single/divorced/widowed, separated). If you are legally married or separated you’ll need to provide your spouse’s name.

Your Pre-Closing Mailing Address, Email and Phone Number

Your Post-Closing Mailing Address, Email and Phone Number

Residency Status Your lawyer will need you to confirm the residency status of each person on title.  

Tax Bill  

Forward your lawyer a copy of your most current tax bill and advise the amount you will have paid by the closing date and how it was paid (directly or through a pre-authorized payment plan). If your taxes are being paid through a pre-authorized payment plan, it is your responsibility to cancel your plan in advance of closing, effective as of the closing date. If your taxes are paid by your mortgage company, contact your financial institution to find out the amount of taxes that will be paid as of the closing date.

Water  

If your water is billed at a flat rate, provide us with a copy of your most recent water bill, the amount you will have paid by the closing date and how it was paid. If your water is metered, contact the city to arrange a final reading.

Condominium Maintenance Fees  

If you're selling a condominium, provide your lawyer with the monthly maintenance fee amount and whether it has been paid up to date. If you're paying your common expenses through a pre-authorized payment plan, it is your responsibility to cancel your plan in advance, effective as of the closing date.

Hot Water Tank/Furnace/Heat Pump Rental  

If there is any rental equipment on your property that will be transferred to the new owner, it is your responsibility to contact your provider to notify them of the change and to forward any documentation required to your lawyer as soon as possible.

Utilities.

Contact the utility companies to cancel your accounts and arrange final readings. Links to the most common ones are here.

Insurance  

We recommend that you do not cancel any insurance policies on your property until after the closing date (in case closing should be delayed).

Survey

Give your lawyer a copy of the survey, if you have one.

Meeting

A few days prior to closing you will need to meet your lawyer to sign the documents. At that time you’ll need to provide 

  • 2 Pieces of Identification, one of which must be photo ID (Driver’s Licence, Passport, Citizenship Card).  He . alth cards are not acceptable.
  • Keys   Provide a full set of house keys (including access cards, if the property is condominium) for delivery to the purchaser's lawyer on closing. Any extra keys may be left in the property.

Closing Proceeds 

Closings are usually complete sometime after 2:00 pm on closing day so the proceeds from your sale will usually be available the day after closing. Speak to your lawyer about whether you want the funds to be transferred directly to your bank (in which case you'll need to provide a void cheque) or if you prefer to pick up a cheque. Should you choose the direct deposit option, be aware that your banking institution may place a hold on the transferred funds.

Consent to Joint Retainer

If your lawyer is acting for more than one person in the transaction, he or she is required to advise you that any information received from you cannot be kept confidential from the other party, and if a conflict of interest arises between you, your lawyer may have to withdraw from acting.

Consent to Act Re Conflict

In  most transactions your lawyer will be acting for your lender and title insurer, as well as you. As a result, any information received from you and your lender cannot be kept confidential from the other parties, and if a conflict of interest arises between you, your lawyer may have to withdraw from acting.

 

Thank you to our trusted advisor, Mike Clark at Korman & Company , for this checklist.

 

Contact Info
Agent
Marian Neal

Sales Representative

RE/MAX HALLMARK REALTY LTD., BROKERAGE

723 Mount Pleasant Road
Toronto  ON M4S 2N4

416-486-5588 info@torontorealestatesales.com

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