Who Does What

Your Realtor's Role Note: The following tasks may be shared by both Realtors if there is more than one involved in the transaction. The Realtor(s) will make sure copies of the Agreement of Purchase and Sale are distributed to all parties who have signed it. Copies of the signed Agreement of Purchase and Sale will be sent to the lawyers acting for each party, along with a letter explaining the real estate company's position with respect to commission and other matters. If there are conditions in the signed Agreement, the Realtor will maintain contact with the parties responsible for satisfying the conditions, and will assist if needed to ensure the conditions are met. As each condition is met, the Realtor working with the buyer will complete a "waiver" form for signatures. This document states that the condition(s) have been met and are no longer part of the agreement. (Most lawyers prefer to wait until all the conditions are waived before beginning their work. This saves you money should the deal fall through because a condition could not be met.) Occasionally, it may become necessary to negotiate for more time to satisfy a condition or make other amendments to the Agreement. The Realtor(s) will handle this negotiation and draw up an "Amendment to Agreement" form for the signature of you and the purchaser. Your Realtor will remain responsive to your questions and concerns, and will help you ensure the sale is done to your satisfaction. What You Can Do To Help Make A Successful Close Contact your lawyer to make sure he/she is aware an Agreement has been signed and will look after the closing of the transaction. Immediately satisfy any conditions of the agreement that require action on your part. These have definite dates associated with them, and if you miss a date, you may have to arrange an extension or possibly risk losing the entire deal. Inform your lawyer and lending institution if the buyer is intending to assume your mortgage. Contact the utilities, telephone company, TV cable company and your insurance agent to arrange for removal of service or transfer to your next home if applicable. Contact a moving company to arrange your move on or before the date the purchaser will take possession of your property or book your rental truck if you are doing the move yourself. Send out your change of address notices and advise the post office. Notify the Ministry of Transportation of your new address right after you close, for driver's licenses, car registration, etc. Inform your Realtor immediately if anything changes about your property or your situation. Your Lawyer's Role The Lawyer will carefully review the Agreement of Purchase and Sale, noting any conditions that exist. If you are responsible for satisfying any of the conditions, he/she will discuss these. When the conditions have all been met, the lawyer will start to gather the documents required to complete the transaction and transfer title to the new owner. Since you have some of the paper work required, because you obtained it for your Realtor, it is in your best interest to take the papers to the lawyer immediately. Your lawyer will also contact the buyer's lawyer, and will respond to any questions or issues regarding title and costs that must be resolved before closing can be completed. If a mortgage exists on your property and you plan to pay it off from the proceeds of the sale, your lawyer will obtain a copy of the mortgage statement from your lender showing the outstanding loan balance as of closing date. A letter will be sent to the purchaser's lawyer that confirms the mortgage will be discharged from the proceeds. If you are taking back a mortgage to help the buyer finance the purchase the lawyer(s) will prepare the necessary documents. A few days before closing, your lawyer will have paperwork ready for your signature that will enable title to be passed to the purchaser. A statement of adjustments itemizing the proceeds from the sale and how these will be distributed to satisfy the costs involved in the sale will be prepared. Any money remaining after these costs are paid, represent the net proceeds from the transaction. On closing day, both lawyers will meet at the land registry office to file the paperwork required to transfer title. Your lawyer will receive and distribute the proceeds from the sale, discharge your mortgage from the title of the property, pay all costs according to the statement of adjustments and give you a cheque for the remaining proceeds. Finally, your lawyer will send you a letter reporting the services that were performed and supplying you with any appropriate documents from the transaction for your files.

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Peak Realty Ltd., 17 Church St. W.
Elmira, Ontario, Canada  N3B 1M2
Phone: (519) 669-1544  
Fax: (519) 669-5119