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When should I hire a lawyer?
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Just as in a traditional real estate transaction, contacting a lawyer PRIOR to signing an Agreement to sell your home is extremely important.
A lawyer should review the Agreement of Purchase and Sale prior to
signing for several important reasons. As a vendor, you want a solid
"air tight" contract to keep the purchaser locked into the deal and to
ensure that the transaction is completed on time, as scheduled for the
price indicated in the contract.
Clauses should be reviewed to ensure
that they do not afford the purchaser the right to withdraw from the
transaction for small irregularities or request a decrease of the
purchase price.
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What do I need to consider before closing my sale?
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The following are matters you should address when selling your home:
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Insurance
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The property is at your risk until the closing date. Accordingly, you should maintain adequate insurance coverage on the property up to and including the date of closing. In addition, please advise your insurance agent to cancel your insurance or make the appropriate changes effective the day after closing.
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Moving Van
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You should arrange for a moving van well in advance, whether hiring a mover or renting a truck. Please note that you are usually required to give vacant possession on closing. Thus all of your possessions must be removed from the house or condominium by the time the keys are handed over to the Purchaser's solicitor on closing.
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Telephone
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Please contact your telephone service provider and follow their instructions.
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Deeds
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Provide your lawyer with a legible copy of the transfer/deed by which you took title to the real property, a copy of any mortgage registered against the real property and your current property tax receipt indicating the amount of outstanding taxes for the year and the amount of the instalments paid, if any.
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Keys
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It will be necessary for you to leave one set of keys with your lawyer prior to closing in order that your lawyer may turn them over to the Purchaser's solicitor on closing. We recommend that you do not give any keys to the Purchaser prior to closing.
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Utilities, Common Expense and Realty Taxes
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Note that even though you have signed an Agreement of Purchase and Sale, you are still required to make scheduled payments for utilities, common expenses and realty taxes. You should ensure that all such accounts are paid in full and are up-to-date, otherwise, the Purchaser will require your lawyer to pay them from the closing proceeds.
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Closing The Transaction
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Your lawyer will contact you in the days prior to closing to arrange a meeting prior to the closing to review the statement of adjustments, get the keys from you, and to execute all of the documentation requiring your signature. Then it is just up to you to move!
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