SELLER RESOURCE CENTRE
Select a topic from the list below:
What Documentation & Information Your Lawyer Needs
What are Your Closing Costs?
Payment of Proceeds After Closing
Signing Closing Documentation Prior to Closing
Spousal Consent
Cancellation of Fire Insurance & Notifying Utilities etc.
Installment Payments Relating to Property
If Power of Attorney is being Used
If Seller is Non-Resident of Canada
WHAT DOCUMENTATION & INFORMATION YOUR LAWYER NEEDS
Please provide our office with the following:
- Copy of your Agreement of Purchase and Sale - usually a copy is faxed to our office by your Real Estate Agent;
- Confirmation that you have contacted the utility companies to arrange the final reading of your meter. Contact your Hot Water Tank and/or Security company to update their records.
- Details of any existing mortgages or lines of credit against the property (Name of lendor, address & phone number, loan reference number)
- An existing survey of the Property if in your possession;
- Current year's realty tax bill, including any existing property tax bill and any future bill received prior to closing as well as details of payments being made by you prior to closing;
- Your forwarding address and future telephone number;
- At least one key to the property - provided when you attend our office to sign all closing documentation.
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WHAT ARE YOUR CLOSING COSTS
CLOSING COST QUOTATION SYSTEM™
Parnes Rothman is pleased to provide its clients and local community with its FREE Closing Cost Quotation System™ for Residential Real Estate transactions. We have made every effort to provide the most accurate quote possible based on the information you provide. Our Closing Cost Quotation System™ is unique in that it calculates all hidden expenditures, fees, disbursements and taxes that you will likely encounter for your transaction.
Follow the directions and provide as much detail as possible. Your FREE online
legal quote will be generated instantly and your Closing Cost Quotation Certificate will be emailed to you which will include ALL legal fees, Real Estate commission, Title Insurance, Land Transfer Tax (including Toronto Land Transfer Tax), GST, Registration Fees and more!
GET YOUR FREE QUOTE TODAY!
Pay your legal fees via Credit Card, Debit or Cheque!
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Payment of Proceeds After Closing
NET SALE PROCEEDS
Upon closing the registered owners of the property are issued a certified cheque representing the net sale proceeds. The certified funds and our reporting package is typically available by 5:00pm. On the closing day, our office will contact you in the early afternoon with an update as to what time your transaction is expected to close.
Our office will review your Statement of Account and Trust Ledger in detail with you when you attend our office so that you know exactly where every penny relating to your transaction has gone.
If the transaction is being completed by way of a Power of Attorney, the net sale proceeds are still payable to the registered owners of the property and NOT to the person holding the power of attorney unless our office is directed in writing prior to closing.
If two or more persons are selling a property, we shall require you to confirm in writing, prior to closing, how the net sale proceeds are to be payable if separate cheques are required for each registered owner. If our office is not directed in writing, you will be provided with one certified cheque for the entire net proceeds on the day of closing, made payable to the order of all registered owners.
PURCHASER DEPOSIT
If the purchaser's deposit, which is held in trust by the realtor until closing, is greater than the real estate commission to be paid (plus GST), any excess deposit funds will be refunded to you directly from the realtor once the transaction has been completed.
SPOUSAL CONSENT
If the Transfer/Deed is only registered in one spouse's name but the property has been used as a matrimonial home (family residence), the other spouse who is not a registered owner must attend our office to sign a consent and direction that all net sale proceeds are to be paid solely to the spouse who is noted as the registered owner of the property. If such direction is not signed, the net sale proceeds shall be made payable to both spouses even though only one spouse is the registered owner.
Please note that the above only applies to properties that are used as a matrimonial home and does not apply to investment properties.
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Signing Closing Documentation Prior to Closing
You must attend our office to sign all closing documentation prior to the closing of your transaction. Our office will contact you one (1) week prior to the closing date to schedule an appointment. Our office hours are Monday - Friday 9am - 5pm (evening and weekends by appointment only).
PLEASE NOTE: our office will only be contacting you if additional information is required to close your transaction (other than scheduling the above noted appointment). If you have any questions feel free to contact us anytime!
All the registered owners (and spouses if a matrimonial home) are required to attend our office. The process takes about 30 minutes to review and sign all documentation.
Please be sure to bring at least one (1) set of keys at the time you attend our office. The key(s) will be forwarded by our office to the purchaser's solicitor prior to closing.
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Cancellation of Fire Insurance & Notifying Utilities
FIRE INSURANCE
Please be advised that you are not cancel your Fire Insurance Policy until our office has confirmed that the transaction has official been completed. If your property will be vacant more than 30 days prior to the closing date, be sure to notify your insurance company to take additional coverage to cover the additional risk.
UTILITIES
Please contact the utility companies to request a final reading of your meters be done on the closing date. We strongly advise that prior to closing, you follow up with the utility companies to confirm. You will only be responsible for payment of utility accounts up to the date of closing. The purchase is responsible for the day of closing onward.
Click here for contact numbers
NOTE: If your property is in the CITY OF TORONTO and if you have NO water meter because you are on a flat rate payable every 6 months, you must immediately advise our office regarding your prepaid water so that the proper adjustment for prepayment can be made.
OIL HEATING
If your property is heated by oil you must arrange to fill the fuel oil tank as of the closing date and pay the bill at that time. A copy of your receipt must be provided to our office when you attend to sign the closing documentation. You will be provided with a credit for a full tank of fuel which will be noted on the Statement of Adjustments. Fill the tank avoids any dispute as to the amount of oil in the tank at the time of close.
CABLE TELEVISION
Please contact your cable company and advise them of your move.
TELEPHONE & INTERNET SERVICE
Please contact your telephone and internet service providers and advise them of your move and to arrange for the disconnecting and transfer of service.
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Installment Payments Relating to Property
Please be advised that any Property Tax, Mortgage Payments, Common Expense etc. that falls due prior to the closing date MUST be paid by you prior to the closing date. Such amounts will be noted in the Statement of Adjustments and you will likely be given a credit for such payments.
Our office will review your Statement of Account and Trust Ledger in detail with you when you attend our office so that you know exactly where every penny has gone.
IMPORTANT NOTICE :
It is your responsibility to ensure that any pre-authorized chequing plans or post-dated cheques are stopped at your bank for any payments falling due after the closing date for items such as property tax payments, mortgage payments or common area expenses.
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If Power of Attorney is being Used
If a Power of Attorney is to be used for your transaction, please be sure to notify our office well in advance of the closing date. Our office can draft the Power of Attorney for a nominal fee (we will also provide a witness free of charge).
Please refer to Net Sale Proceeds for information about closing funds when using a Power of Attorney.
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If Seller is Non-Resident of Canada
If you are are a Non-Resident of Canada or you are a Canadian Resident who will be moving or out of country on the closing date, please be sure to contact our office for more information on how to proceed.
If you have any questions that are not addressed above, please contact our office for a free consultation.
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QUICK REFERENCE
ESTATE PLANNING RESOURCES
REAL ESTATE RESOURCES
LINK TO OUR WEBSITE
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MARKET UPDATE
TORONTO - Friday, July 4, 2008 -- TREB Members reported 8,600
sales in June, TREB President Maureen O’Neill announced today.
“Sales were down 18 per cent from the 2007 total of 10,451, which was the
best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”
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