Review of your Agreement of Purchase and Sale
If you have a real estate agent, you will usually review and sign the agreement with your real estate agent. You may still retain a real estate lawyer to review the complete offer to purchase and sell before signing it. Once we receive the agreement from you, we review it and advise you to comply with its terms to do closing on time. We explain the necessary conditions to you.
Existing Mortgage and other documents
We ask you to provide us all the current mortgage statements, property tax bills, and a copy of the existing survey, if required under the agreement’s terms. We send our request to your bank or mortgage institute to send us the mortgage payout discharge statements.
We order the property tax certificate from the city if necessary. We ask your real estate agent’s company to send us their real estate commission invoice if applicable.
Communicate with Buyer’s lawyer
We receive a letter of requisitions from the Buyer’s lawyer. We prepare and send the reply to their requests. We provide them all the requested documents to assist them in closing close the transaction on time. We send them our complete statement of adjustments.
Financial and legal requirements
Parties always agree to perform the specific steps before closing. Seller agrees to provide the clear title without any lien and mortgages to the Buyer. We ensure that you are obliging all the financial and legal requirements as per the agreement terms. We run the title searches. We communicate with all the lien, secured notices, and mortgage companies on your behalf.
Exchange of documents, keys, and funds
Around a week before the closing, you sign all the required documents with us. We explain to you the nature and consequences of signing the final documents. We run the final math with you and advise you how much would be the sale proceeds after deducting all the expenses. We provide you with our trust ledger and statement of account. We deliver all the final signed documents and keys of your property to the Buyer’s lawyer. The Buyer’s lawyer signs an undertaking that their office shall not release the keys and documents until they register the transfer and close the transaction. Our office also receives signed copies of the Buyer’s papers, and closing funds from the Buyer’s lawyer.
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Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
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