The Contract of Purchase and Sale, which you signed, will state the completion day for the transaction. On that day, legal ownership will transfer from you to the new owner in exchange for the purchase price of the home.
Do You Need a Lawyer or Notary Public to Complete the Sale?
While it is the normal practice for the buyer’s lawyer or notary to prepare the documents necessary to transfer the legal ownership, it is recommended that you, as the seller, engage legal counsel to act solely on your behalf. Among other things, he or she will protect your interests by:
checking the documents prepared by the buyer’s lawyer and explaining them to you
ensuring that your old mortgage has been properly discharged, if this is required
ensuring that you have no further obligation regarding your old mortgage if it is being assumed by the buyer
confirming that all payments for which you are responsible have been made
arranging for you to sign the transfer documents
preparing a statement for you outlining where all the purchase money was disbursed and giving you the net proceeds of the sale.
What Costs Can You Expect?
the commission you agreed to pay your brokerage
the legal fees to discharge any existing mortgage whether or not you engage your own lawyer
the GST on the real estate commission and on your legal fees
any prepayment penalty levied by the financial institution for early pay-out of an existing mortgage
your share of the property taxes for the year if the current
year’s taxes have not yet been paid, plus any penalties due
for late payment of unpaid taxes
The day has arrived!! You have signed the documents, packed your boxes, received your money and turned over your keys. Your home is sold!